Content Page
A.  The macroeconomic impact of China’s WTO entry  3

B.  Automotive  11

C.  Apparel & Textile  22

D.  Pharmaceuticals 36

E.  Banking 42

F.  Securities and Asset Management 48

G.  Insurances 52
A. The macroeconomic impact of China’s WTO entry
Already the tariffs have come down considerably in the last decade but they still differ strongly between industries
The impact of China’s WTO entry has a macroeconomic as well as industry-specific microeconomic impact
Trading short term pain against long term gain is a walk on the wire
The macroeconomic impact of China’s accession to the WTO will be especially strong in apparel, automobiles and electronics