China Joins The WTO
China’s ever expanding economy was seeing rapid growth in the 90s due to its new policies but it was stymied by one major factor, the fact that it wasn’t a member of the World Trade Organization. Being a member would allow them to strike more favorable deals with other member countries, so in order for the Chinese economy to really take off, it had to gain entry.
Which they eventually would, but not before having to go through 15 years of negotiations where they agreed to further liberalize their economy, remove certain tariffs and do more to protect intellectual property. After pledging to make the necessary changes and with the blessing of the American government they finally gained entry in late 2001.
Their entry would see some staggering economic growth as the year before their entry in 2000 China’s annual GDP growth was sitting at 8.5%, by 2007, it has reached almost 15%.