{
  "title": "An Address at the 10th Anniversary of the World Trade Organization Accession by Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund",
  "publication": "IMF News, December 11, 2011",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/53/sp121111",
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  "summary": "Speech delivered by Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund, in Beijing, China.",
  "publishDate": "2011-12-11",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Speech delivered by Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund, in Beijing, China.\n- Occasion: 10th Anniversary of China’s WTO accession.\n- Date: December 11, 2011.\n- Main themes addressed: China’s achievements since WTO accession; implications for the global economy; outlook and policy priorities going forward."
    },
    {
      "heading": "China’s achievements since WTO accession",
      "content": "- Employment and output growth described as \"impressive\" alongside deeper integration into global markets.\n- Key quantitative summaries:\n  - \"Since WTO accession, the share of merchandize exports has risen by 10 percentage points of GDP.\"\n  - \"Imports have increased by 20 percent of GDP, reaching 50 percent of total consumption.\"\n- Role of foreign enterprises and foreign direct investment:\n  - \"Since the mid 2000s, foreign enterprises account for more than half of total Chinese exports.\"\n  - Stock of foreign direct investment \"now exceeds US$1 trillion.\"\n- Attribution: Success highlighted as a testament to \"the far-sightedness and steady reform efforts of the Chinese government.\""
    },
    {
      "heading": "Global implications",
      "content": "- Benefits to global consumers and producers:\n  - Broader access to consumer products (examples given: \"clothing goods and electronics\") for the world's growing middle class.\n  - Foreign enterprises benefited from a growing share of production originating in China.\n- The speech emphasizes that much of the world's population \"has shared in the benefits of China’s increased integration into the global economy.\""
    },
    {
      "heading": "Outlook and policy recommendations",
      "content": "- Near-term global environment: described as \"looking tougher than we have seen for many years\"; \"outlook for growth and demand in some of the large economies is likely to remain stagnant for some time.\"\n- China’s capacity to adapt: highlighted via past experience becoming a \"manufacturing powerhouse\" through \"hard work and innovation.\"\n- Recommended policy priorities to sustain and deepen gains:\n  - Accelerate domestic reforms to raise household incomes and boost consumption.\n  - Strengthen growth and development of the services sector.\n  - Implement the comprehensive strategy in the \"12th Five Year Plan.\"\n  - Provide \"substantial support for research and education\" to help China \"become a source of innovations.\"\n  - Put more resources in the hands of households to share benefits with all citizens, achievable through:\n    - \"rising wages,\"\n    - \"improved allocation of capital,\"\n    - \"financial sector reform,\" and\n    - \"continued reform of the exchange rate.\"\n- Expected broader effect: Such a transformation \"should also benefit the rest of the world as China becomes an even more important export destination for an expanding range of countries.\"\n- Outlook statement: \"I am confident that the next 10 years will be bright, with growing benefits to the world from China’s continued integration into the global economy.\"\n\nSource: An Address at the 10th Anniversary of the World Trade Organization Accession by Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund (December 11, 2011).\n\n---\n\n\n References\n\n- People's Republic of China and the IMF\n- The IMF and the World Trade Organization -- A Factsheet\n- Speeches\n- Naoyuki Shinohara\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/53/sp121111"
    }
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    "Published: December 11, 2011",
    "Speech delivered by Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund, in Beijing, China.",
    "Occasion: 10th Anniversary of China’s WTO accession.",
    "Date: December 11, 2011.",
    "Main themes addressed: China’s achievements since WTO accession; implications for the global economy; outlook and policy priorities going forward.",
    "Employment and output growth described as \"impressive\" alongside deeper integration into global markets.",
    "Key quantitative summaries:",
    "Role of foreign enterprises and foreign direct investment:",
    "Attribution: Success highlighted as a testament to \"the far-sightedness and steady reform efforts of the Chinese government.\"",
    "Benefits to global consumers and producers:",
    "The speech emphasizes that much of the world's population \"has shared in the benefits of China’s increased integration into the global economy.\"",
    "Near-term global environment: described as \"looking tougher than we have seen for many years\"; \"outlook for growth and demand in some of the large economies is likely to remain stagnant for some time.\"",
    "China’s capacity to adapt: highlighted via past experience becoming a \"manufacturing powerhouse\" through \"hard work and innovation.\"",
    "Recommended policy priorities to sustain and deepen gains:",
    "Expected broader effect: Such a transformation \"should also benefit the rest of the world as China becomes an even more important export destination for an expanding range of countries.\"",
    "Outlook statement: \"I am confident that the next 10 years will be bright, with growing benefits to the world from China’s continued integration into the global economy.\"",
    "[People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)",
    "[The IMF and the World Trade Organization -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2022/imf-and-the-world-trade-organization)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[Naoyuki Shinohara](https://www.imf.org/external/np/omd/bios/ns.htm)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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