China can play crucial role in advancing reform of multilateral trading system: WTO chief

Noting that the multilateral trading system has demonstrated resilience amid shocks to global trade rules and a rise in protectionism and it is now in urgent need of reform to solidify its foundations, Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala said China can play a crucial role in this regard.

In a recent interview with the China Media Group on the sidelines of the ongoing annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, Ngozi Okonjo-Iweala emphasized the necessity of reforming the global multilateral system.

"In spite of these disruptions, the system is remaining resilient. So, prior to the tariffs from the U.S., 80 percent of world trade was on WTO most-favored-nation terms. After the tariffs, the system has been impacted, but 72 percent of world trade is still on WTO terms. So there's resilience in the system. But obviously, there's room for improvement, for reforms to further strengthen the system and I believe these reforms have to be done by WTO members," the WTO chief said.

Speaking on China's role within the multilateral trading framework, she noted that China has always been an important participant and a steadfast supporter of the multilateral trading system, playing an active and constructive part in advancing WTO reform.

"China has been a strong supporter of the multilateral trading system. And -- the WTO -- we are pleased that China supports the system. China made an important decision to withdraw from access to special and differential treatment. They have decided to withdraw (from it) in future agreements and I think this is excellent. It sets a good example. But we need reform at the WTO, and we need China to support very strongly these reforms. The indication we have from China is that it is very supportive," she said.

The five-day WEF annual meeting opened in the Swiss Alpine town on Monday, gathering 3,000 leaders and experts worldwide to discuss pressing global challenges including enhancing cooperation, unlocking new sources of growth and deploying innovation at scale and responsibly.

China can play crucial role in advancing reform of multilateral trading system: WTO chief

China can play crucial role in advancing reform of multilateral trading system: WTO chief

China's consumption growth continues to show resilience, with millions of new restaurants opening last year, underscoring robust demand in the domestic catering sector, said Zhang Yichen, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Zhang, who is CEO of CITIC Capital and chairs the master franchise of McDonald's China, told China Global Television Network (CGTN) that 3.5 million new restaurants opened across the country last year, including about 1,000 new McDonald's outlets annually.

At this year's "two sessions," Zhang urged policymakers to introduce measures that would encourage dine-in consumption, linking the restaurant boom to broader efforts to sustain domestic demand.

"This is the amazing resilience of the Chinese economy and Chinese enterprises overall. It's that you have another 3.5 million restaurants, new restaurants, opened," he said.

Zhang believes the key challenge now is reviving in-person dining and shopping to sustain long-term consumption growth.

"In the short term we're actually gaining from that. But in the long run, I believe overall the industry will suffer and the economy will suffer. That's why I brought up the issue and I'm so glad that the government is clearly agreeing with my views. The fact that we're (McDonald's China) opening 1000 restaurants a year and the fact that there are new restaurants still doing very well, it's a clear indication there is consumption power, you just have to find them," he said.

The "two sessions" are the annual meetings of China's supreme organ of state power, the National People's Congress (NPC), and the top political advisory body, the CPPCC. Both bodies serve five-year terms and hold a plenary session each year.

The fourth session of the 14th NPC and the fourth session of the 14th National Committee of the CPPCC opened in Beijing on March 5 and March 4, respectively.

Zhang’s remarks underscore both the resilience of China's consumer market and the need for policies to secure sustained demand, a key focus of this year’s "two sessions."

CPPCC member seeks measures to boost dine-in consumption as China's demand stays resilient