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Thursday, December 21, 2006

Italian Media Commented Positively on Achievements Made by China after the Accession to WTO for Five Years

n article in Italian 24-Hours Sun Newspaper pointed out recently that China had achieved substantial success after its accession to the WTO for five years and had been constantly changing the economic structure of the world.As indicated in this article, the result of these five years proved that China’s accession to the WTO and joining in the free trade system not only benefited itself but also brought out profits to other countries. For instance, the multinational enterprises, which migrated production bases to China, had obtained rich profits and the low priced Chinese commodity at the meantime increased purchasing power of western consumers. Within the five years, China doubled its GDP to EUR2000b, exceeding Italy, France and Britain. If the calculating benchmark is purchasing power, China will be the world second biggest economic giant only after America. Chinese annual income per capita has risen from less than USD1000 in 2001 to USD2000. China has also become the world third goods exporter after Germany and America and the first technical products exporter. Meanwhile, China has the largest amount of foreign exchange reserves, app. USD1 trillion.

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