Some Deficiencies Within the WTO System
China occupies an important economic position in Eastern Asia, accounting for circa 60% of trade turnover and capital flows in the region. Based on the regional production network in Eastern Asia, the Chinese economy might constitute an integral part of the regional market. China is interested in a liberal, secure and stable regional market which promotes the adoption of an active role of a participant and promoter of regional trade agreements (RTA) by China, i.e. the free trade agreement China - ASEAN, proposed trilateral free trade agreement of South-Eastern Asia, or EAFTA. China is also interested in participating in and promoting regional monetary and financial cooperation, for example as part of the Chiang Mai Initiative and the development of the regional capital market. The Chinese concept of regionalism is complex due to the diversity of the neighbouring geographic areas. Despite the attachment of China to the ASEAN+3 variant, this country is relatively flexible in its approach to the form and nature of its own participation in multi-dimensional integrations structures, i.e. EAS1. At the same time China has made effort for developing institution outside the regional, i.e. for example SOC, potential security system for the North-Eastern Asia based on Hexalateral Talks. (original abstract)
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