WTO lauded China for its significant role in reviving global trade

The World Trade Organization (WTO) on July 23th lauded China for the significant role it has played in reviving global trade growth and said in its annual report that the nation has more than fulfilled its commitment to the organization.

WTO chief Pascal Lamy said that trade growth is coming back fast after a terrible 2009, thanks in no small measure to the continuing dynamism of China and the other nations. China s strong economic growth and its demand for imports are important factors in the stabilization of the global economy .

The nation has also quickly integrated into the world economy after it entered the WTO in November 2001. It has been an active member and has strictly adhered to the WTO rules, Lamy said.

According to Chinese Ministry of Commerce, tariffs on commodities were slashed to 9.8 percent in 2009 from 15.3 percent before 2001. The tariffs on agricultural goods have fallen to 15.2 percent and 8.9 percent for industrial goods. In terms of service trade, China has opened up 100 service sectors, including banking, insurance, telecommunications, education, distribution and accounting.