Interview: China's accession to WTO a milestone in globalization, WEF president says

GENEVA, Nov. 4 (Xinhua) -- China's accession to the World Trade Organization (WTO) in 2001 is an important step for its economic development and a milestone in globalization, said World Economic Forum (WEF) President Borge Brende.

"Historically, no country has grown as fast as China has done since 1979 ... about 800 million people have been lifted out of extreme poverty in a few decades ... after it joined WTO in 2001, China is very much integrated in the global economy," Brende said in a recent interview with Xinhua.

The doubling of global GDP during the last decades is based on globalization, Brende said, adding that China has grown from a developing economy into "one of the most industrialized countries in the world."

"There is no doubt that when China joined the WTO in 2001, it was a different economy. Today it is a much larger prosperous economy, also an economy that invested much more abroad and an economy that relies more on trade," he said.

China has become one of the largest foreign direct investor, which means China has matured as a globalized economy, he said.

Brende also praised China's achievements in new technology areas.

China, he pointed out, is a world leader in high-speed trains and financial technology, with a major role in driving down costs of solar and wind energy.

According to Brende, China's accession to the WTO has also proved that China is a strong believer of a multilateral system.

China is committed to removing trade barriers and obstacles, and works to build a strong multilateral trading regime, he said.

The global economy is facing great challenges, such as balancing the inflationary pressure and economic growth, tackling energy shortage, reducing CO2 emissions, reinforcing the global value chains, enhancing infrastructure investments, noted Brende, while urging world leaders to work together to create common solutions.

Brende believes that globalization is about increasing productivity in the world and that countries can use their comparative advantages with a win-win thinking to bring prosperity.

"We also need the (global) trade to continue because there's no real recovery without the trade recovery," he added.