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World Trade Outlook 2002

China, still under the communist regime, is rewriting over 1,000 laws that would conform to the WTO's demands. This now marks the end of government control of China's industries. This is good news for small entrepreneurs who now will now have less governmental control over business decisions. This changeover from a completely controlled foreign-trade economy to a free-market, capitalist economy is nothing short of drastic. This new decision will negatively affect the agricultural industry in the short-term, which makes up roughly 75% of the entire country, or 790 million people. These farmers and poor factory workers, who have been dependent on the government's support for well over half a century, will now have to find a new source of income. Many opponents feel as if the farmers will starve to rich, efficient corporations, who can afford to sell products for less because of mass-production. They are also afraid of foreign competitors. Chinese supporters of these actions see it as a way to raise living standards. Small consumers are very happy, as they will be able to purchase foreign merchandise and products for less because of mass production. The Chinese government is confident that in the long run, these actions will prove to be satisfying for everyone. This has been the most important series of actions that China has undertaken since 1979, when it first began exercising a primitive form of a Capitalist economy, with no worker protections. This is not only an important decision for China; it is also an important decision for the rest of the world, as people have compared China to a sleeping giant. A billion and some workers with the ability of foreign trade is definitely a huge change for the world trade community.
             Many people are concerned with admitting China to the WTO because until recently it has been seen as an almost fascist regime. Corruption has also plagued the economic system in China, because of the mass amounts of poor people who will do anything to make a decent living.


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