China allowed foreign goods to flood its markets?

Answer 1

Yes, China did allow foreign goods to flood its markets, particularly after it joined the World Trade Organization (WTO) in December 2001. This decision led to a significant increase in the import of foreign goods into China, as the country had to open up its markets to foreign competition. This flood of foreign goods greatly impacted various industries and sectors in China, both positively and negatively. It allowed Chinese consumers to access a wide range of foreign products, increased competition, and stimulated economic growth. However, it also disrupted some domestic industries, leading to unemployment and business closures in certain sectors.