The impact of China's accession to WTO on the export of American agricultural products (1)

Introduction: 1 China's accession to the WTO will probably double the export of American agricultural products to China 2 China's commodity circulation system will be privatized China's accession to the WTO will have a huge impact on the society and the legal system By Gary Wulf Kansas news: China's accession to the World Trade Organization this year will benefit American producers of wheat, meat and cotton It will also trigger extensive social and economic reforms in China, the oldest and most populous country on the planet China's 15 years of accession to the WTO ended successfully last month 143 other WTO members formally welcomed China's accession to the WTO as a major trade group Beijing's accession to the WTO has gone through years of negotiations, during which China promised to stop providing subsidies for exports, agreed to reduce trade barriers for agricultural imports, and gave overseas countries more opportunities to enter the huge market of China's 1.3 billion population According to Jasper Becker of the South China Morning Post in Hong Kong, "China's accession to the WTO marks the end of the most protracted debate within China in recent years, and also the successful conclusion of the most extensive diplomatic negotiations between China and the outside world ever." In particular, China agreed in June to limit future agricultural subsidies to 8.5% of GDP, reduce import tariffs on agricultural products from 22% to 17%, and halve tariffs on priority products from the United States by 2004 China also agreed to import up to 21 million tons of grain in 2004, accounting for about 5% of the annual output of that year In a statement posted on the Department's website, U.S Agriculture Secretary Ann Veneman said China's commitment to specific market opening measures would benefit U.S producers, including tariff cuts and an end to import restrictions In 2000, U.S agricultural exports to China totaled nearly 1.7 billion US dollars The U.S Department of agriculture expects that if all the requirements of WTO are fulfilled, U.S agricultural exports to China will double to a high level, reaching 3.7 billion US dollars annually Rich pottorf, chief economist at Doane agricultural services, said there was little chance that China's accession to the WTO would be a negative factor In April 2000, China received the first ever shipment of pork and beef from the United States From January 1, tariffs on overseas beef and pork will be cut By 2004, China's tariffs on overseas beef will be reduced from 45 cents per dollar to 25 cents per dollar.