China and the global economy 20 years after WTO accession

China’s gradual openness to the world economy culminated in its accession to the World Trade Organization in 2001. It was the first time in WTO history that such a large socialist economy joined the organisation, threatening the liberal international trade system and putting at risk the capability of the WTO. Data show that China’s accession caused a rapid growth of the country in terms of GDP, imports and exports. Already by 2009, China became the largest exporter in the world. Chinese economic rise after its accession to the WTO has caused a severe impact on the global economy, known as the China shock. An increase in unemployment and a reduction of the labour force and wages as China shock-related consequences have been observed in many countries worldwide, first and foremost the United States of America. However, China’s integration into the global economy also affected the country itself, creating winners and losers at a regional level. Today, 20 years from its accession to the WTO, China’s role within the WTO and in the global economy is likely to surge in the post-pandemic era.