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China wants WTO reformed

China, with support from the EU and Japan, is working to bring about changes to the WTO. China wants to curb the rise of unilateralism within the multilateral trading system represented by the WTO. It feels reforms in the organization need to address the concerns of members, especially emerging economies, which have a larger total population than developed countries.

The rapid growth of emerging economies has led to a shift in economic power. Emerging markets surpassed developed countries to account for more than half of world GDP on the basis of purchasing power in 2013. As their domestic markets and imports grow, emerging economies want to have a bigger say in international trade and economic negotiations.

WTO reforms cannot ignore China, which is the world's largest trading country. The majority of WTO members are developing countries, and each has its own ideas on WTO reform. China, like other emerging countries, follows a primary strategy of promoting economic and social development. The growing spending power of consumers in developing countries injects vitality into the global market.
China supports the work of the WTO but it is against the changes proposed by the US, Japan and EU on the notification system for domestic industrial subsidies. These countries and groups feel some WTO members such as China have failed to comply with a notification system.

 
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