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Thanks to China joining the international institution, developed economies could reallocate and match their capital resources with labor and China's other resources to reduce product costs and enhance productivity, he added.

Ngozi Okonjo-Iweala, director-general of the WTO, said China has successfully positioned itself at the core of numerous global value chains. These production and trade networks have not only provided a lifeline for many countries during the pandemic, they have also increased the quantity, quality and variety of goods available worldwide, she added.

Okonjo-Iweala made the remarks via video link during a high-level session marking the 20th anniversary of China's accession to the WTO, held on the sidelines of the fourth China International Import Expo and Hongqiao International Economic Forum last month in Shanghai. In November , after 15 years of negotiations, the WTO formally approved China's entry as its rd member, which took effect a month later, making the WTO a truly international trade organization.

During the past two decades, China, which has different levels of development between regions, has made vigorous efforts to align itself with WTO rules, abide by them, and also to open its market. It cut its overall tariff rate from The current tariff level is lower than those of all developing members of the WTO and close to those of developed members of the organization, according to the Ministry of Commerce.

The world's sixth-largest economy when it joined the WTO, China has risen to become the second-largest. The nation has opened some subsectors in the services industry, compared with its accession promise to open , according to the Ministry of Commerce.

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