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Former WTO judge hails dispute settlement system as organization's greatest function

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Former WTO judge hails dispute settlement system as organization's greatest function

2024-12-28 17:51 Last Updated At:12-29 00:37

A former World Trade Organization (WTO) judge has praised the WTO's dispute settlement system as its most successful function, emphasizing its crucial role in maintaining the rules-based multilateral trading system.

Zhang Yuejiao is the first Chinese national to serve as a member and chairman of the Appellate Body of the WTO Dispute Settlement Mechanism during 2008-2016.

As the WTO marks its 30th anniversary, Zhang shared her positive assessment of the WTO's impact, in an exclusive interview with China Global Television Network (CGTN).

"We are all happy with this moment, because it's very significant for international trade and for international rule of law, and for the standard of living of people increased for the last 30 years. We saw the development closely. And even when working in the WTO, we saw how hard people were working to achieve this great achievement," she said.

Zhang stressed that the dispute settlement system of the WTO is its most successful function and a key component of the organization's rule-based framework.

"The dispute settlement system of the WTO is the most successful function of the WTO. The dispute settlement is the rule of law in international trade. And for the enforcement of the implementation of the WTO obligations, rights, and the WTO-covered agreement to support the rule-based multilateral trading system is critical," Zhang said.

Meanwhile, Zhang said, China has been playing an important role since it joined the WTO, stressing the nation's dedicated adherence to international obligations, commitment to upholding international law, and respect for the rule of law in all fields.

"China is doing an excellent job in that field. China has implemented all decisions made by the DSB [Dispute Settlement Body] and even, for instance, in the case of the copyright issue, China's National People's Congress has modified and changed one provision – article four, in order to keep China's copyright law fully consistent with the WTO-covered agreement. So, no country else can do this. China is really observing its international obligations and respects public international law and respects the rule of law in all fields," she added.

Former WTO judge hails dispute settlement system as organization's greatest function

Former WTO judge hails dispute settlement system as organization's greatest function

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Hit animated film Ne Zha 2 drives massive merchandise sales

2025-02-11 22:39 Last Updated At:23:07

Merchandise for the Chinese animated film Ne Zha 2 is in high demand, with collector items selling at "unprecedented" rates following its blockbuster release.

In Shanghai, fans of the movie have packed into toy stores to buy collector figurines that come in "blind boxes". The items have sold out quickly, but that has not stopped customers from waiting for stocks to replenish.

"The pre-sale has already started, so I came here especially to queue for the pre-sale registration. I'd be willing to wait even if it takes two to three months to get the products. I love to buy the blind boxes because the movie is quite good and I have a hobby of collection," said a consumer.

According to salespeople, one of the most popular Ne Zha 2 items are collector cards.

"Yesterday, we just replenished seven boxes of 'Ne Zha 2' cards. By now, we've sold around four boxes. This is quite unprecedented, as 'Ne Zha 2' is, so far, the only IP (intellectual property) that has sold for four boxes of cards in one day," said Lin, a staff member at a collectible card store.

Meanwhile, online shoppers have also been eager to purchase publications, stuffed toys and even snacks related to the film.

"Our e-commerce platform has set up a special section for 'Ne Zha 2' merchandise. In the first 10 days since the movie's release, its co-branded products have sold for over 12 million yuan (about 1.64 million U.S. dollars), with the sales of its figurines and blind boxes growing by nearly 50 times. The sales volume of its three co-branded dairy products has also surpassed five million yuan since its screening," said Jaidar Tabus, a staff member of the purchase and sales department with an e-commerce platform.

Ne Zha 2's success suggests that the Chinese market still contains untapped potential for capitalizing on future hits, with industry insiders pointing out that merchandising may comprise up to 70 percent of the total revenue.

Hit animated film Ne Zha 2 drives massive merchandise sales

Hit animated film Ne Zha 2 drives massive merchandise sales

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