Aerial photo taken on Jan. 11, 2021 shows a view of the Pacific international container terminal at Tianjin Port in north China's Tianjin Municipality. (Xinhua/Zhao Zishuo)
SINGAPORE, Dec. 12 (Xinhua) -- China has achieved very meaningful economic outcomes since joining the World Trade Organization (WTO), which are beneficial not only to the country, but also to the rest of the world, Cai Daolu, a visiting senior fellow at the Business School of the National University of Singapore.
Joining WTO has facilitated China in becoming both a big exporter and a big importer, the scholar said.
Noting that China is a big source of overseas investment, Cai said the country's outbound investment could translate into more employment and help stabilize the region, which is beneficial to everyone.
"The world needs a prosperous China, and China would be better with a prosperous world," said Cai.
Besides, talking about supply chain problems in the wake of the COVID-19 pandemic, Cai stressed it is crucial to have an open trade system where goods can flow smoothly from one country to another.
When the entire supply chain is interconnected and intertwined, he said, people can produce goods at a cheaper cost.
With the Regional Comprehensive Economic Partnership coming into force soon and with China's recent application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, it's extremely valuable that China is sending a strong signal to the rest of the world to reassure its belief in trade and investment at a time when protectionism is on the rise, he said.
With its commitment to trade and investment, and with its remarkable success in eliminating poverty, "I am confident that China would be a tremendous player in the economy in the world in the future," Cai added. Enditem
A single purchase
