Impacts of China's Accession to the World Trade Organization

Ianchovichina, Elena; Martin, Will

Impacts of China's Accession to the World Trade Organization

Autores

Ianchovichina, Elena

Martin, Will

Editor

Washington, DC: World Bank

Descripción

This article presents estimates of the impact of China's accession to the World Trade Organization (WTO). China is estimated to be the biggest beneficiary (US$31 billion a year from trade reforms in preparation for accession and additional gains of $10 billion a year from reforms after accession), followed by its major trading partners that also undertake liberalization, including the economies in North America, Western Europe, and Taiwan (China). Accession will boost manufacturing sectors in China, especially textiles and apparel, which will benefit directly from the removal of export quotas. Developing economies competing with China in third markets may suffer small losses. Accession will have important distributional consequences for China, with the wages of skilled and unskilled nonfarm workers rising in real terms and relative to those of farm workers. Possible policy changes, including reductions in barriers to labor mobility and improvements in rural education, could more than offset these negative impacts and facilitate the development of China's economy.

Palabras clave

ACCESSION, ACCESSION AGREEMENT, ACCESSION COMMITMENTS, ACCESSION PROCESS, ACCESSION TO THE WORLD TRADE ORGANIZATION, ACCESSION TO WTO, ADVERSE IMPACTS, AGRICULTURAL COMMODITIES, AGRICULTURAL EXPORT SUBSIDIES, AGRICULTURAL INCENTIVES, AGRICULTURAL PRODUCTS, AGRICULTURAL PROTECTION, AGRICULTURAL RETURNS, AGRICULTURAL SECTORS, AGRICULTURAL TRADE, AGRICULTURAL TRADE POLICIES, AGRICULTURE, APPAREL, AUTOMOBILE SECTOR, AVERAGE TARIFFS, BARRIER, BENCHMARK, BENCHMARK DATA, CAPITAL ACCUMULATION, CAPITAL GOODS, CAPITAL PER WORKER, COMPARATIVE ADVANTAGE, COMPETITIVE MARKETS, COMPETITIVENESS, CONSTANT ELASTICITY OF TRANSFORMATION, CONSTANT RETURNS TO SCALE, CONSUMER DEMANDS, CONSUMER PRICES, CONTINGENT PROTECTION, CUSTOMS UNION, DEVELOPING ECONOMIES, DEVELOPING ECONOMY, DOMESTIC MARKET, DOMESTIC MARKETS, DOWNWARD PRESSURE, DUTY EXEMPTIONS, ECONOMIC COOPERATION, ECONOMIC GROWTH, ECONOMIC INTEGRATION, ECONOMIC POLICY, ECONOMIC RELATIONS, ECONOMIES OF SCALE, ELASTICITY, EXCHANGE RATE, EXCHANGE RATE REGIME, EXPORT MARKETS, EXPORT PROCESSING, EXPORT PRODUCTION, EXPORT QUOTAS, EXPORT SECTOR, EXPORT SUBSIDIES, EXPORT SUBSIDY, EXPORT TAX, EXPORTERS, EXPORTS, FINANCIAL FLOWS, FINANCIAL REFORM, FOREIGN COMPETITION, FOREIGN DIRECT INVESTMENT, FOREIGN ENTRY, FOREIGN FIRMS, FOREIGN INVESTMENT, FOREIGN OWNERSHIP, FOREIGN TECHNOLOGY, FOREIGN TRADE, FREE TRADE, FULL EMPLOYMENT, GDP, GENERAL EQUILIBRIUM MODEL, GLOBAL ECONOMY, GLOBAL MARKET, GLOBAL TRADE, GLOBAL TRADE ANALYSIS, GOVERNMENT BUDGET, GROSS DOMESTIC PRODUCT, GROWTH RATE, GROWTH RATES, HARMONIZATION, HUMAN CAPITAL, IMPORT PROTECTION, INCOMES, INDUSTRIAL COUNTRY, INDUSTRIAL STRUCTURE, INFORMATION TECHNOLOGY, INSURANCE, INTENSIVE INDUSTRIES, INTENSIVE PRODUCTS, INTERMEDIATE GOODS, INTERMEDIATE INPUTS, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL FLOWS, INTERNATIONAL TRADE, LABOR MARKET, LABOR MARKET DISTORTIONS, LABOR MARKET POLICIES, LABOR-INTENSIVE, MANUFACTURING INDUSTRIES, MANUFACTURING SECTORS, MARGINAL COST, MARKET BARRIERS, MERCHANDISE TRADE LIBERALIZATION, MULTILATERAL AGREEMENT, MULTILATERAL TRADE, NATURAL RESOURCE, NEGATIVE PROTECTION, NEWLY INDUSTRIALIZED COUNTRIES, NONTARIFF BARRIERS, OPEN ECONOMY, OUTPUT, OUTPUTS, PER CAPITA INCOME, POLICY CHANGES, POLICY REFORM, POLICY REFORMS, POVERTY REDUCTION, PRIVATIZATION, PRODUCT DIFFERENTIATION, PRODUCTION STRUCTURE, PRODUCTIVITY, PRODUCTIVITY GROWTH, PRODUCTIVITY INCREASES, PROTECTION DATA, PROTECTION MEASURES, PROTECTIVE IMPACT, QUOTA RENTS, RAPID GROWTH, RATES OF PROTECTION, REAL INCOME, REGISTRATION REQUIREMENTS, ROUND AGREEMENT, RURAL AREAS, RURAL HOUSEHOLDS, RURAL LABOR, RURAL SECTOR, RURAL WAGES, RURAL WORKERS, SAFEGUARD ACTIONS, SAVINGS, SERVICE SECTORS, SERVICES DIMENSION, SERVICES SECTORS, SKILLED WORKERS, SOCIAL SAFETY NET, STATE ENTERPRISE, STATE ENTERPRISES, STATE TRADING, STATUTORY TARIFF, STATUTORY TARIFF RATES, STRUCTURAL CHANGE, TARIFF BINDINGS, TARIFF CUTS, TARIFF DATA, TARIFF EQUIVALENT, TARIFF LEVELS, TARIFF LIBERALIZATION, TARIFF RATES, TARIFF REDUCTIONS, TAX RATE, TAX REVENUES, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TRADE BALANCE, TRADE DATA, TRADE FLOWS, TRADE NEGOTIATIONS, TRADE PARTNERS, TRADE POLICIES, TRADE POLICY, TRADE REFORM, TRADE REFORMS, TRADE REGIME, TRADE RULES, TRADE VOLUMES, TRADING PARTNER, TRADING PARTNERS, TRADING SYSTEM, TRANSACTION COST, TRANSITIONAL PRODUCT, UNDERESTIMATES, UNSKILLED LABOR, UNSKILLED WORKERS, URBAN AREAS, URBAN EMPLOYMENT, URBAN UNEMPLOYMENT, URBAN WORKERS, URBAN-RURAL INCOME DIFFERENTIALS, URUGUAY ROUND, VALUE ADDED, VALUE OF IMPORTS, WHOLESALE PRICES, WORLD DEVELOPMENT INDICATORS, WORLD ECONOMY, WORLD MARKETS, WORLD PRICES, WORLD TRADE, WORLD TRADING SYSTEM, WTO, WTO ACCESSION, WTO COMMITMENTS, WTO MEMBERS, WTO MEMBERSHIP, WTO RULES