(Asia Week), "The China deal is the extreme expression of the conservative, laissez-faire "Washington consensus" of the past quarter-century that holds that free markets lead to development and democracy." But the United States generally wins trade disputes, particularly against China, when the case is brought to the World Trade Organization (WTO). India’s top three import sources for the 2019-20 fiscal raised the issues at the WTO’s India trade policy review (TPR), according to a Geneva-based trade official. China’s economy must become a market economy in order to become part of the global economic system, as well as to effectively participate in the economic globalization process.”. – WTO rules on domestic support in agriculture • Policy space – WTO dispute on China’s AMSs for wheat, corn, rice • Aggregate Measurements of Support – Agricultural policy in India • Price policy and input subsidies – Some issues for Buenos Aires • WTO Eleventh … But, as foreign investment continued to grow, the share of exports produced by foreign-invested firms expanded, exceeding 10 percent by 1990. And it might even cure cancer! Second, Taiwan will have to eliminate important nontariff barriers on Chinese goods, notably the import ban imposed on a large number of goods of Chinese origin. In contrast, the U.S. deficit with Japan is primarily the result of the import of much more capital-intensive goods, produced in Japanese-owned factories, which displaces production not in third countries but in the United States. An article from the Washington Post discussing some of the difficulties China is experiencing adjusting to a global economy. After much pressure, the White House and China have agreed to release the US-China trade accord to the public. (New York Times), China's entry into the WTO seems unlikely this year as most of the WTO members are dissatisfied with China's proposed trading regime. ∗ On July 10, 1986, China formally submitted to the GATT Secretariat its request of resumption of China’s status as a contracting party to the GATT. It continues as WTO’s umbrella treaty for trade in goods. First, soon after China joined the WTO, the world economy was hit by a global financial crisis and a recession, which affected China and its main trading partners very differently. Until the 1970s, China’s economy was managed by the communist government and was kept closed from other economies. (Straits Times). There were certain limitations of GATT. A New York Times's opinion forecasting China's open economy, analyzing its current status. China’s headline figure for GDP growth declined steadily for seven straight years during the mid to late 1990s. The terms of China’s protocol of accession to the World Trade Organization reflect the developments just described and more. Because of meager domestic savings, a large fraction of U.S. domestic investment must be financed by borrowing from abroad. Political leaders rarely are willing to impose high short-term economic costs in order to reap benefits in the medium and long term. (Washington Post Foreign Service), An article arguing that China's entry into the WTO will lead to a greater disparity between rich and poor, booster the power of the communist party, and most significantly hurt the poorest people of China. Membership of both China and Taiwan in the World Trade Organization will accelerate these linkages for several reasons. This was natural given the large economic stake of the United States in the creation of more open markets globally.