Question

Two major events that occurred in 2000 had a profound effect on China's economy. One of these is the United States granting normal trade relations (NTR) to China on a permanent basis (PNTR). Which of the following is the other one?

Answer 1

The other major event that profoundly impacted China's economy was China joining the World Trade Organization (WTO) in 2001, which helped stabilize its trade relations and propelled its rapid economic growth, making it the world's second-largest economy.

Step-by-step explanation:

The other major event in 2000 that had a profound effect on China's economy, aside from the United States granting normal trade relations (NTR) to China on a permanent basis (PNTR), is China's accession to the World Trade Organization (WTO) in 2001. This event marked a critical step in China's integration into the global economy and significantly expanded its role as a major player in international trade.

By joining the WTO, China agreed to abide by international rules governing trade and commerce, which helped to stabilize its trade relations and provided foreign investors with greater confidence in the Chinese market. As a consequence, China's economy witnessed rapid growth and quickly became the world's second-largest economy, with a substantial increase in its exports and a continuous flow of foreign investment.