|
accession, China faithfully fulfilled its commitments to slash customs duties on automobiles. By July 1, 2006 when the transitional period ended, China had lowered the duties on imported automobiles from 100 to 25 percent. China's auto industry was hit hard by cheaper imported cars and mounting competition. For example, China imported USD37.91 billion worth of passenger cars with engine displacement at 1.5-3L in 2017, compared to USD890 million in 2001. This represented an annual growth of 26.4 percent, with the auto trade deficit surging from USD870 million to USD34.35 billion. Facing the pressure, China's auto industry took the initiative to carry out large-scale restructuring, opened wider to foreign capital, raised its levels of technology, management and services amidst fierce competition, and steadily penetrated the global value chains. |
II. China Firmly Supports the Multilateral Trading System
The multilateral trading system with the WTO at its core is the cornerstone of international trade, and has been playing a pivotal role in promoting global trade and building an open world economy. Since its accession to the WTO, China has firmly supported the multilateral trading system, participated in all aspects of WTO work. It called upon the WTO to focus more on the concerns of developing members, opposed unilateralism and protectionism, upheld the authority and efficacy of the multilateral trading system, and made concerted efforts with other members in supporting the WTO to play a greater role in economic globalization.
1. Liberalizing and facilitating trade and investment
Participating fully in the Doha Round negotiations. China has submitted or co-sponsored more than 100 negotiation proposals, helped secure agreement on trade facilitation and export competition in agricultural products, and promoted the continuous improvement of the multilateral trading system. In 2015, China became the 16th WTO member to ratify the Trade Facilitation Agreement (TFA). During its G20 presidency in 2016, China encouraged a number of countries to complete their domestic ratification procedures of the TFA, prompting the agreement's entry into effect at an early date.
