W5P1 (article): China and the WTO: Two systems meet

Question 1

1. When did China join and leave GATT

Answer 1

Ans: China joined in 1947 as one of the original contracting parties but exited in 1950

Question 2

2. Why is China’s market so sought for

Answer 2

Ans: they have a large economy with large population. It was known as prize of the 21st century

Question 3

3. What was the interim organization GATT supposed to be turned into but never did?

Answer 3

Ans. It was supposed to be turned into ITO international trade organization supposed to be multilateral

Question 4

4. What does it mean by Chinas socialist market economy

Answer 4

ANS: it is owned by private initiative and state

Question 5

5. Why was GATT hesitant about Japan joining in 1950

Answer 5

Ans. Japan had a large economy and was export led model which was seen as a threat. Also there was geopolitical issues as US had military occupation of Japan at that time