On 15 December, Center for International Strategic Studies of COSC held in Beijing an online meeting on the WTO reform and development prospects. Mr. Chong Quan, Chairman of China Society for World Trade Organization Studies, addressed the opening ceremony. Mr. Sun Weijia, Director General of International Exchanges and Cooperation Department of COSC chaired the seminar.

Online Seminar underway

Six WTO experts exchanged views with Chinese experts on the new features and trends of global trade amid the Covid-19 pandemic, the challenges and prospects of the multilateral trading regime, and trends in the reform of industrial policies and rules of subsidies.

In his opening remarks, Mr. Chong reviewed the establishment of the socialist market economy system with Chinese characteristics and China’s integration into the global economic and trade governance system as China worked with the trend of economic globalization and enhanced economic and trade links with other countries. He reaffirmed China’s commitment to the multilateral trading regime and the WTO reform, underlining the fact that the “dual circulation” policy is not about development in self-isolation or an inward-looking mentality. The policy aims to fully leverage the enormous potential in China’s domestic market, which will create more opportunities and market space for other countries and enhance China’s interactions with the world economy through greater cooperation. He reiterated China’s readiness to promote reform of the WTO together with other members to reinforce and improve the multilateral trading regime and promote the healthy development of the global economy to benefit the entire mankind.

It was agreed at the meeting that, given the numerous challenges facing global trade and the WTO, it was important to have such open-minded discussions on the crucial topics in the WTO reform and development such as this would encourage the exchange of ideas and mutual understanding and increase China’s cooperation with the WTO .