In 2001, the first year as a WTO member, China’s exports and imports each ranked sixth largest in the world. Then under the WTO framework, the country’s trade began to expand gradually. By this September, China’s exports and imports climbed to number one and two, respectively, around the globe.
Entering the WTO also helped Chinese firms to develop in other countries and regions. Last year, China’s direct investment overseas hit a record high of 84 billion U.S. dollars, just behind the United States and Japan.
Meanwhile, the country’s currency, the yuan, has been gaining power over the years. More than 220 countries and regions have signed agreements to allow a two-way flow of yuan. 23 of them inked bilateral currency swap agreements with China. In October, the yuan surpassed the euro, to become the world’s second largest trade settlement currency.
Source: CCTV
