Transformation upends economists’ models
China’s integration into the global economy, especially since its accession to the World Trade Organization (WTO) in 2001, has helped turn the country into an exporting giant and generated steady economic growth. It has also sparked fierce debate about whether China’s emergence has been positive or negative for developed nations. A key takeaway:
The WTO granted exceptions that allowed China to join even though its economy was heavily state-controlled and labor and industry associations lacked independence.