Chinese Banking System On The Way To Wto – History, Recent Changes, Future

3669 words - 15 pages

Contents1. Introduction2. The WTO2.1 The major agreements of the WTO2.2 Timeline of China's WTO accession3. Outline Chinese finance sector3.1 Chinese banking system - history -3.2 Chinese banking system - problems3.3. Recent Changes in 20063.4 China in the next yearsReference1. IntroductionIn the last decade, China has been opened politically and economically. China's economy is benefiting from globalisation and its five years of WTO membership. It is expected that China this year will triple exports those five years ago in value. Those changes are just possiblebecause of China's WTO accession.One of the most important recent developments, not only world trade, has been the entry of China into the World Trade Organization (WTO).The historical date is December 11th, 2001 when China finally became an official member in the WTO.But what is the WTO and its major treaties, that make such economic growth possible? What banking system has China and how did it change before the WTO entry and after WTO entry?What are risks and threats in the Chinese banking sector in future?These and other questions will be answered in this paper, that tackle China's way to WTO.The history the recent changes and future expectations.First I will give a short introduction of the WTO. In the next step the main agreements of the WTO will be explained. In Chapter 3 I will show the long way of China's WTO accession. Chapter 4 deals with the Chinese banking sector. In part 3.1 the actual finance system will be illustrated and the banking system will be ranged in. The part 3.2 deals with the history of theChinese banking system. The major Problems of Chinese banking system will be shown in part 3.3. Chapter 3.4 is about actual and future changes of Chinese banking system.2. The WTOIn brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. The WTO was established in 1995 and has 148 Members (since 13th October, 2004)Functions:• Administering WTO trade agreements,• Forum for trade negotiations,• Handling trade disputes,• Monitoring national trade policies,• Technical assistance and training for developing countries,• Cooperation with other international organizations.The result is assurance for consumers and producers. Supply of goods and greater choice of finished goods, components, raw materials and services can be assumed, when trade negotiation among all members of the WTO are signed. At the moment there are approximately 30 trade agreements signed by the members of the WTO. These agreements are the legal ground-rules for international commerce. Essentially, these are contracts guaranteeing important trade rights to WTO member countries. They also bind governments to keep their trade policies within agreed limits to everybody's benefit.Another positive aspect is rooted in...

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