China submits WTO reform proposal

CNC
Added On May 16, 2019

The Ministry of Commerce says China is willing to work with all parties to advance reform of the World Trade Organization (WTO) so that the organization can play a bigger role in global economic governance.

 
Sources with the Department of WTO Affairs said China formally submitted a reform proposal to the World Trade Organization on May 13.
   
In the document, China identified four aspects that deserve major action: the need to tackle essential and pressing issues that threaten the existence of the organization, the need to increase WTO relevance in global economic governance, the need to improve operating efficiency, and the need to increase inclusiveness.
 
The sources said the world economic landscape is undergoing profound adjustments, as globalization encounters new setbacks with the rise of unilateralism and protectionism. The authority and effectiveness of multilateral trade mechanisms face severe challenges.
   
Against such a backdrop, China has voiced its support for making necessary reforms at the organization to help it resolve current crises and respond to the needs of the time.