As China marks its 15th year as a member of the World Trade Organization, its will continue to push for globalization and trade promotion, experts said.
University of International Business and Economics professor Tu Xingquan said that China needs to continue its support of the WTO's goals in order for it to continue to enjoy the economic gains that it has brought the country, China Daily reported.
China joined the organization as its 143rd member in 2001. Since then, local companies have greatly prospered and the overall economy has grown more than was initially expected. In the 15 years of its membership, the country managed to become the second biggest economy in the world.
Meanwhile, Zhang Yansheng, chief economist for the China Center for International Economic Exchange in Beijing, said that the country needs to take practical measures to deal with the challenges brought in by changes in global trade.
Zhang said that recent global developments such as Brexit and the election of Donald Trump to the U.S. presidency will have significant effects on China's international trade.
He also noted that the various trade protectionism measures being implemented in both developed and developing countries will also bring in uncertainties.
Zhang Jianping, Ministry of Commerce's research center for regional economic cooperation director, said that the country needs to develop a global network of free trade partners in order to lower tariffs.
He also said that the country has to further open its doors to new investments.
However, China may be in for a new hurdle as a key clause in its membership agreement with the organization expired on Dec. 11, DW.com reported.
Under the said clause, China is recognized as a "non-market economy" for the first 15 years of its membership, allowing other member countries to enact anti-dumping measures to limit the influx of low-priced products from the country.
The United States, Japan, and the European Union has earlier announced that they will continue recognizing China as a non-market economy despite the clause's expiration and will enforce the necessary measures.
China has said that it will continue to push for its recognition as a full-fledged market economy.