| Summary: | The reform and opening up has helped China achieve great progress
in foreign trade. In consideration of better utilization of domestic and
foreign markets, and internal and external production factors, China set
out to participate in international trade governance, which can be roughly
divided into three stages. The first stage focused on bilateral, regional,
and multilateral economic and trade cooperation, culminating in China’s
entry into the World Trade Organization (WTO), which leads to China’s
improvement of its domestic trade rules and practices and better global
economic performance. The second stage focused on signing Free Trade
Agreements (FTAs) aimed at promoting regional economic integration
and actively engaging in international trade governance. Through
the FTAs China began to create more voices and inject more Chinese
elements into the formulation of international trade rules. The third stage
started with the Belt and Road Initiative. During this period, China’s
involvement in international trade governance has been integrated into a
complete package of international economic governance, which includes
policy coordination, facilities connectivity, unimpeded trade, financial
integration, and people-to-people bonds. China is now improving and
leading in international trade governance with the vision of a community
of shared future for mankind.
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