Common Prosperity and China’s Second “WTO Accession”

China has undergone two significant phases of “opening-up”. The first occurred during the Opium Wars of 1840 and 1860, when China was compelled to open its doors to the outside world. The second phase began in the early 1980s with China’s entry into the WTO, marking its initial foray into global economic integration. Since joining the WTO, China has revised its laws, regulations, and policies to better align with global standards, leading to the increased internationalization of its products. However, this rapid development has also sparked strong nationalist sentiments. Now, China faces the need for a second “WTO accession” or its “third opening-up”. This phase requires the CCP not only to integrate global rules but also embrace “institutional openness” to foster creativity and innovation. The continued development of the Greater Bay Area (GBA), the signing of the Regional Comprehensive Economic Partnership (RCEP), and the potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) represent crucial opportunities for China's new era of global integration.