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Davos marks China's 10 years in WTO

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At the World Economic Forum in Davos, a series of discussions were held to mark China's ten year membership of the World Trade Organization. The country's commerce minister looked back at some of the contributions made in the past decade. But, Chen Deming also looked forward, saying that China will continue to open up to the rest of the world.

Three economic heavyweights were chosen to review China's ten years in the WTO. The organization's current Director-General, Pascal Lamy, and the chairman of investment bank Goldman Sachs, Peter Sutherland were joined by Chinese commerce minister Cheng Deming.

During the ten years of China's membership, exports and imports have increased 5 fold in the last decade.

The country has fulfilled all its promises for WTO admission and tariffs have dropped from 15 percent ten years ago to just under 10 percent in 2009.

And Chen Deming pledged that China will continue to open up and let the world profit from its economic development.

Chen Deming, China Commerce Minister said China will continue to expand its exports and at the same time, it will double imports in five years. Chinese enterprises are encouraged to compete in overseas markets. China will also focus on boosting domestic consumption.

While the financial crisis swept the globe and many countries were forced to tighten up imports, China eased some of the pressure on the world economy by posting a 2.8 percent rise of imports, making it the only country to produce such an increase.

He Yafei, China's Permannet Rep. to UN said "The global economy is integrated more than ever. If all the countries are fighting against protectionism, we'll see win-win results. But if the world are pointing fingers at China and decreasing Chinese exports, it is sure to affect them in a negative way."

China has gone through tremendous change during the past decade. While its economy has boosted by an open global market, its growth has, in turn, benefited the rest of the world.

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