In the 1999’sChina’s global trade totaled $353 billion. Its trade surplus was $36 billion. During this time period China’s trading partners wereJapan,Taiwan, and United States South Korea,Hong
Kong,Germany,Singapore,Russia and Netherlands. An important landmark of the 1999 was when China and US arrived at a bilateral market access agreement that paved the way for China’s accession to the World Trade Organization. In 2000China reached a bilateral WTO agreement with the European Union and other trading partners and began to work on a multilateral WTO accession package. To increase the volume of exports China came up with the strategy to encourage the formation of factories that assembled imported components into consumer goods for exports. Under Bill Clinton, US approved permanent trade relationship with China and Clinton signed the China Trade Relations Act of 2000.In the years 2001 till 2003 Shanghai hosted the annual APEC leaders meeting. After 2001 China had become a permanent and a powerful member of WTO. Many tariffs and regulations have been removed byChinaafter it became a permanent member to show its cooperation but still there are strong allegations that China because of its undervalued currency.
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