The multilateral trading system and regional trade arrangement are the two wheels driving economic globalization forward. China upholds the multilateral trading system and promotes free trade arrangements. By May 2018, China had signed 16 free trade agreements (FTA) with 24 countries and regions. In 2017, trade between China and its FTA partners (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region, and Taiwan Province) accounted for 25.9 percent of China's total foreign trade. In those free trade agreements, basically 90 percent of imported products enjoy duty free treatment, and approximately 120 service sectors have been opened to foreign suppliers, compared to 100 service sectors in China's commitments to the WTO at the time when China joined the organization. Committed to advancing economic globalization and safeguarding free trade, China is negotiating with relevant parties the Regional Comprehensive Economic Partnership for its early conclusion and implementation, and is accelerating the building of Free Trade Area of Asia-Pacific and East Asia Economic Community. With all these efforts, China will build a high standard network of free trade areas, focusing on the neighboring areas, radiating across the Belt and Road and open to the world.
Conclusion
The world is undergoing a new round of major development, great change and profound readjustment. The mankind still faces growing uncertainties and destabilizing factors. Surging tides of anti-globalization in recent years, coupled with rising protectionism and unilateralism, have posed severe challenges to the multilateral trading system with the WTO at its core.
Economic globalization has powered global growth and is an irreversible trend of our times. China and the multilateral trading system stand together through thick and thin. China will continue to fulfill its commitments, comply with rules, actively participate in the improvement of the multilateral trading system, and give firm support to the WTO in playing a greater role in global economic governance.
China's economy has been transitioning from rapid growth to high-quality development. In this historic process, China will pursue with firmness the vision of innovative, coordinated, green, and open development that is for everyone, improve the socialist market economy system, and stimulate the vitality of various market entities.
China will take innovation as the primary driving force for development. China will adopt a more open attitude, strengthen the protection of innovation and intellectual property rights, and enhance international exchanges and cooperation.
