China joins the World Trade Organization

On 11 December 2001, after 15 years of negotiations, China became the 143rd member of the World Trade Organization. Accession required China to cut tariffs, open its markets to foreign companies in banking, telecommunications and distribution, and accept international rules on intellectual property and subsidies. Exports surged. China's share of world merchandise exports rose from about 4 per cent in 2000 to over 14 per cent by the 2020s, making it the 'factory of the world', its economy overtaking Japan's in 2010 and becoming the second largest after the United States. Western manufacturing regions lost jobs, which led to political debates over trade.

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