This December marks the 15th anniversary of China’s accession to the World Trade Organization. In the past 15 years, China could have played a bigger role in promoting global governance had the world’s institutional structures allowed it optimum participation in the global rule-making process. That will be China’s main objective in the future.

China will cut import tariffs for over 200 information technology products for the World Trade Organization's (WTO) most favored nations from September 15, the Ministry of Finance said on Wednesday.

The US has accused China of illegally subsidising rice, corn and wheat farmers, adding agriculture to a growing list of Washington's concerns over Chinese overproduction and distortion of global markets.

The United States warned China on Thursday that it had not done enough to qualify for market economy status, especially in steel and aluminium, sowing the seeds for a trade battle between Washington and Beijing at the end of 2016.

In the long-term, a series of regional free trade agreements and the new global rules conform to China’s own economic restructuring and reform direction. China must enhance its level of liberalization in such areas as goods trade, service trade and investment, break through market barriers and get rid of institutional barriers. Making use of an open competition will promote the country’s upgrading in the global value chain.

Open to insiders and restrictive to outsiders, as they lower trade barriers among member economies, regional FTAs tend to build higher trade barriers against non-member economies. Often tools for working around loopholes in the WTO, such regional agreements buck the trend toward globalization.

The US should show flexibility to help to conclude the negotiation of the Trans-Pacific Partnership (TPP) in October this year, otherwise, the TPP talk will risk a prolonged stalemate.

China’s ability to weather the global economic crisis can be understood by taking into account Nassim N. Taleb’s concept of “antifragile” systems. Now as China’s new leadership approaches an ambitious reform agenda, it must be sure to nurture antifragility, which is crucial in large, centralized economies.

Many have argued that the recent WTO case brought by the US against China over automobiles and auto-parts subsides was simply meant to pander to US voters in the key swing state of Ohio. While certainly a consideration, the WTO case hints at a more complex trade relationship that has seen both countries use the WTO as a responsible means of settling disputes.

As the US Presidential election heats up, both candidates are focusing their criticism on job losses to China. Recent accusations by the Obama administration, bringing an auto and auto parts subsidy case before the WTO, will only heighten trade tensions. But are these disputes helping or hurting global markets?