Xi credits World Trade Organization accession for China's development

By Necva Tastan

ISTANBUL (AA) — While the decision to accept China as a member of the World Trade Organization (WTO) two decades ago was "perfectly right," the international body is now in need of implementing reform, the country's president said on Thursday.

"Facts have proven that China's decision to join the WTO has been a perfectly right one, as the accession has not only accelerated China's own development but also benefited the rest of the world," Xi said at a meeting of the Communist Party of China (CPC) Central Committee session, according to a statement by the country's Defense Ministry.

Emphasizing the WTO's capabilities of multilateralism and global economic governance, Xi said there was a "common consensus and a general trend" on the need to implement reform of the organization.

He urged active participation in WTO reform, including at higher levels, as well as adjustments in international rule, to foster deep reform and high-quality development.

Xi said that after its accession to the WTO in 2003, China had become the world's largest goods trader and a key partner for over 140 countries, contributing nearly 30% to global annual economic growth on average.

China is "firm" in its defense of the WTO's central role in the multilateral trade system, he added.

His comments come as China is set to host the third Belt and Road Forum for International Cooperation (BRF) in Beijing next month, with 2023 marking the 10th anniversary of the multi-trillion-dollar project.

The Belt and Road Initiative, billed as recreating the ancient Silk Road to boost global trade infrastructure, was put forward by Xi in 2013 to connect China with the markets of Central Asia, the Middle East, Europe, and Africa.

Representatives from at least 130 countries are expected to attend the forum.