ABSTRACT
The very first strategic step that China took once it had begun implementing reform and opening up policies was to integrate into the world economic system as it existed at that time. This was because it would help China speed up its own development by enabling it to use world markets and resources, including capital and natural resources. Prior to this, China was already a member of the International Monetary Fund and the World Bank, but had been excluded from the most important international organization in terms of the world’s markets, the General Agreement on Tariffs and Trade (GATT)/World Trade Organization (WTO). Entry into the WTO therefore became the first key step in implementing the above strategy. After fifteen years of hard work, the negotiations for China’s entry into the WTO ended in 2000 and China became a member in 2001. This basically provided the country with a ticket to enter the world’s open markets.
