JOINING the World Trade Organization (WTO) in 2001 has become a watershed event in China’s development, not just in terms of the phenomenal changes happening within China, but also its interaction with the rest of the world, in particular the global spillovers of its economic expansion.

Contributing nearly 30 percent on average to world economic growth over the past 20 years, China now boasts the largest middle-income population in the world and is a major trade partner for over 120 countries and regions, and the largest trade partner of the European Union and the Association of Southeast Asian Nations.

With openness as the hallmark of its development, China has seen its economy increasingly intertwined with its partners. Its trade with the United States is a good example. Despite trade frictions over the past few years and constant calls from some U.S. officials for “decoupling with China,” the two nations’ economic ties have taken on more features defined as “mutually dependent.”

In the first eight months of this year, Chinese exports to the United States, rather than falling, expanded 22.7 percent year on year, official data show.

Meanwhile, Forbes magazine revealed that imports from China accounted for 19 percent of all U.S. goods imports in 2020, the highest of any trading partners of the United States, while four out of 10 of the fastest-growing imports into the country came from China.

The benefits of growing Sino-U.S. trade to American households are also tangible. The Ministry of Commerce said that each U.S. family could save US$850 per year from the trade. From lamps to birthday candles, from flip-flops to mouse traps, “Made in China” goods have long become an indispensable part of the everyday life of many U.S. households.

Back in November 2019, when the U.S.-initiated tariff battles with China raised concerns about unilateralism and protectionism, more than 190 U.S. enterprises attended the second China International Import Expo (CIIE) in Shanghai, taking up the largest exhibition area of any participating country. Among the delegation were big names such as General Electric and Qualcomm.

Last year, up to 70 percent of the world’s top 500 companies and industry leaders that participated in the first two expos were seen in the third CIIE, including global industry leaders Ford, Louis Dreyfus and Roche.

This year, the total exhibition area of the fourth CIIE, which opened Thursday, has been further expanded to 366,000 square meters. The number of exhibitors from countries like the United States, Japan, Germany, France and the United Kingdom will be greater or the same as in previous expos, as will their total booth areas.

Some 90 firms from 33 least-developed countries are expected to participate, displaying a large number of their specialty goods and tapping into China’s market.

Back in 2001, few people could have imagined China hosting the world’s first import expo at the national level to share its development dividends with the world and seek ways out to boost global economic growth.

China’s growing appeal and weight is actually justified by its track record as a trustworthy member of the WTO and its consistent stance of championing globalization and inclusive development.

China has over-fulfilled the commitments it made upon accession to the WTO, a fact that has been praised by several WTO director-generals and recognized by most WTO members. (Xinhua)