Accession to WTO in 2001, made the China baking industry open to the global competition given in the time frame of 5 years. Chinese banks were notorious for their mounting non-performing loans and low efficiency. Even though Chinese banking industry was injected with procedural reforms and regulatory amendments still it was faced with state ownership dominance and monopolistic controls. Therefore the concern facing the banking industry of China was what measures to be adopted for increasing the efficiency of banking industry most importantly the state owned commercial banks that covers the largest share of the market [footnoteRef:1]. [1: CBRC, 'The Non-performing Loan of Major Commercial Banks in China' [2009] 3 accessed 19 March 19, 2011]
Since U.S. financial industry is one of the leading in the global market therefore it can provide a guideline to the Chinese emerging banking industry in their way of restructuring and reformation of financial industry. The backbone of any financial industry is the banking sector therefore strengthening the banking industry mean flourishing the financial industry. For the purpose of intensification of the domestic banking industry it is important to gauge the internal environment of the country as well as scrutinizing the international elements that affect the performance of the domestic industry[footnoteRef:2]. Comparison between U.S. And China banking industry can give us some insight regarding the strategies for the development financial power. [2: RWolfrum and P. Stoll and M. Koebele, WTO -- trade remedies: General Agreement on Tariffs and Trade (BRILL 2008)]
COMPARISON MADE ON THE SETTING UP OF BANKING INDUSTRY BETWEEN U.S. AND CHINA
The comparison made between the banking industry of U.S. And china is focused broadly on three parameters namely comparison of goals, comparison of modes and comparison of results.
COMPARISON OF GOALS
Attaining the financial liberalization and collective welfare of the economy are the two core goals of the financial industry. Developing economies are in search for attracting investment for their economic development whereas developed economies who are rich in capital are seeking a profitable investment even in the developing economies. The imbalance of financial power is the decisive factor for financial liberalization. Signing of the agreement has not significantly impacted...
WTO As the worldwide economic crisis of 2008 demonstrated, the economies of governments the world over are highly interdependent. Within this context, the World Trade Organization is coming under closer scrutiny. Negotiations are repeatedly failing and governments continue to violate commitments under WTO agreements with a dispute resolution process many countries find unsatisfactory. This paper reviews both the theoretical and practical economic and political implications of the faltering -yet ongoing -DOHA
WTO and Developing World World Trade Organization currently does not have a clear definition of a developing country. For this paper, we need to know what a developing country is in order to see if accession to WTO actually improves their economic situation and to see if they are treated fairly by the organization and its wealthier members. But we need to understand that since there is no clear definition of
accession to the World Trade Organization in 2001, China's laws regarding intellectual property rights were largely weak and ineffective, even though there were some laws on the books that were designed to protect these rights. Much of this ineffectiveness is attributed to the state-controlled economy that was in place that made observation and respect for domestic and international intellectual property rights dispensable. In its efforts to accede to the
Lissovilik and Lissovilik find that Russian membership in the WTO would have a major impact on the structure and possibly the level of trade may be quite significant and could be much higher than current estimates. They find that on average, Russia's exports to WTO countries underperformed its exports to other countries in 1995-2002, all the more surprising given "Russia's trade reorientation toward the more advanced developed and developing
Gonzales (2017) notes that emerging nations are calling for the WTO to support inclusive globalization: “The Philippines, together with the Friends of MSMEs, is seeking appropriate arrangements within the existing framework of the WTO and relevant committees, such as the establishment of a working group under the General Council that will be mandated to consider how the multilateral trading system can impact and benefit MSMEs [micro, small and medium enterprises],
Decontamination Plan China and WTO -- the Impact of Becoming a Member of WTO In 2001, China became one of the last countries to join the World Trade Organization (WTO). In accordance with WTO rules, which will ensure the integration of China into the world economy in addition to offering a more predictable environment for trade and foreign investment, China equally agreed to undertake a series of significant commitments that will not
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now