Download or read book China's Growth Pattern Post-WTO Accession written by Manoj Kumar and published by . This book was released on 2023-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's growth pattern post-WTO accession, which occurred in 2001, has been characterized by a rapid expansion of its export-oriented economy. The accession to the World Trade Organization (WTO) was a crucial step for China to further integrate into the global economy and take advantage of the opportunities provided by the world trading system. Following the WTO accession, China experienced a significant increase in foreign direct investment (FDI), as many multinational corporations sought to take advantage of China's low-cost labor and vast market potential. This influx of FDI helped to spur economic growth and modernization in China, particularly in the coastal regions that were designated as Special Economic Zones (SEZs). China's accession to the WTO also led to increased competition, which forced Chinese firms to improve their efficiency and competitiveness in order to maintain their market share. This competition, combined with the government's efforts to promote innovation and technological upgrading, has resulted in the emergence of a number of world-class Chinese firms in industries such as electronics, telecommunications, and renewable energy. Overall, China's growth pattern post-WTO accession has been marked by a shift from a primarily agricultural and low-tech manufacturing economy to a more diversified, service-based economy that is increasingly driven by innovation and technology. However, the country still faces challenges such as income inequality, environmental degradation, and the need to reform its state-owned enterprises.