Ten years ago China joined the WTO, and the gains its economy has made since then are evident in GDP growth, modernization, industry, and its now huge role in the global trading system. In this next piece, we talk to a few experts from Brazil, another major emerging economy, about how Brazil has benefited from China’s growth.
China officially entered the WTO on December 11th, 2001, after years of tough negotiations. IT became the 143rd member of the global institution.
A professor from one of Brazil’s leading universities says China’s entry has ushered in a new phase of global trade.
Professor Simao Davi Silber, school of economics, University of Sao Paulo, said: "Figures from last year show China accounted for 10 percent of total global exports. Over the past 30 years, China entered the global market by exporting finished goods. It surprised the whole world. And created a new side of globalization."
He also pointed out that China’s entry to the WTO had huge implications for the rest of the world.
Professor Simao Davi Silber said: " China’s demand for global commodities spurs more growth for the global economy. I can say Brazil’s economy has gone up about 1 percent - probably because of China’s demand."
The news chief at a Brazilian television station agreed. He praised China’s constructive role in the global economy over the past decade. He also notes that China and Brazil’s trading relationship has improved.
Luis Claudio Latge, news director of Brazil TV Globo, said: "Speaking from Brazil’s point of view, China has became our largest trading partner since China joined the WTO ten years ago. And nowadays 30 percent of Brazil’s imports are from China."
China has seen a nearly five-fold increase in both imports and exports since its entry into the WTO. Some estimates say that has created more than 14 million job opportunities around the world.
