Guangzhou makes significant progress after 20 years with WTO Updated:  2021-12-29

The major Chinese city of Guangzhou has experienced rapid economic development over the past two decades since China's accession to the World Trade Organization in December 2001.

Guangzhou's total foreign trade  increased from $23.03 billion in 2001 to $137.58 billion in 2020, with an average annual growth rate of about 9.86 percent, becoming a major hub for the allocation of global production resources.

MINISO, headquartered in Guangzhou, had more than 4,800 stores in nearly 99 countries and regions as of Sep 30, 2021. The growth trajectory of MINISO is a reflection of the robust economic development Guangzhou has experienced over the past 20 years.

In 2001, Guangzhou exported mainly light textile products, but after 20 years of development, Guangzhou has gradually transitioned to high-tech, high value-added industries.

Products made by 37 Interactive Entertainment were unveiled at the 2021 China International Fair for Trade in Services, attracting numerous visitors. Now, 37 Interactive Entertainment operates in more than 200 countries and regions around the world, according to Lin Cheng, the company's vice president.

Twenty years after China's entry into WTO, the increasingly open market has attracted a large number of foreign-funded enterprises to set up operations in Guangzhou and increase investment.