Doing Business with China

Introduction

Craig Pouncey and Lode van den Hende, Herbert Smith, Brussels

On 11 December 2001 China finally became a WTO member, following a process of negotiation that took more than 15 years . Throughout the world this was considered a major achievement for China, for the WTO and for the global economy. Relatively little has been said, however, about the precise meaning of China's accession , which is described in more than 800 pages of highly technical legal documentation.

The purpose of this chapter and Chapter 2.2 on WTO accession is two-fold. In this chapter we explain what the WTO is, as well as the systemic consequences of China's WTO membership, both for China and for the WTO. Chapter 2.2 provides an overview of some of China's specific obligations in the area of 'market access', examining the extent to which China is obliged to allow foreign businesses, goods and services to trade or be traded in China.