-- People who witnessed China's accession to the World Trade Organization (WTO) 20 years ago would have never expected the "Double Eleven" today would be a totally different sight in this country.

-- Over the past two decades, China's continuous efforts in widening opening-up have injected new vitality into the country's development and world economy.

-- "WTO accession has proved to be one of the most important economic events in the history of China and the modern world, which has created a win-win outcome for China and the world," said Yi Xiaozhun, WTO's former deputy director-general.

People who witnessed China's accession to the World Trade Organization (WTO) 20 years ago would have never expected the "Double Eleven" today would be a totally different sight in this country.

On Nov. 11, 2001, Shi Guangsheng, then Chinese Minister of Foreign Trade and Economic Cooperation, signed the protocol on China's accession to the WTO in Doha, and a month later, China formally became a WTO member -- a landmark event in the country's opening-up and development and the world's multilateral trading system.

Twenty years later, Chinese netizens are gearing up for another "Double Eleven," the annual consumption spree which started in 2009. In the pre-order session that started two weeks ago, washing machines and dryers, household appliances, and a wide range of cosmetics belonging to various foreign brands are among the popular choices.

File photo shows Shi Guangsheng (L, front), then Chinese Minister of Foreign Trade and Economic Cooperation, celebrating with others after signing the protocol of China's accession to the World Trade Organization (WTO) on behalf of the Chinese government in Doha, Qatar, Nov. 11, 2001. China became a formal WTO member on Dec. 11, 2001. (Xinhua/Wang Jianhua)

Economists believe that the two "Double Eleven" are closely linked and are the result of China's reform and opening-up policy that brings massive benefits to both the country and the world.

TRANSFORMATION AFTER WTO ACCESSION

In 1984, the U.S.-based 3M founded its China branch in Shanghai as the first wholly foreign-owned enterprise established outside the four special economic zones since China's reform and opening up.

In 2001, the company officially launched its first particulate respirators tailored for Chinese customers and manufactured in the country.

Now 3M is one of the key multinational enterprises to have participated in the China International Import Expo (CIIE) in Shanghai for four consecutive years. With products ranging from masks, noise-reducing earplugs to water purifiers and acne pimple patches, the brand has won growing popularity among Chinese consumers. It is also ready for the upcoming "Double Eleven" shopping extravaganza.

People visit the 3M booth during the second China International Import Expo (CIIE) in Shanghai, east China, on Nov. 7, 2019. (Xinhua/Fan Peishen)

Over the past two decades, China's continuous efforts in widening opening-up have injected new vitality into the country's development and world economy.

During the period, China's economic size has grown from the 6th to the 2nd largest in the world, trade in goods from the 6th to the 1st, and trade in services from the 11th to the 2nd. China has led developing countries in utilized foreign investment, and its outbound direct investment has risen from the 26th to the 1st. China has contributed an annual average of nearly 30 percent to the growth of the world's economy.

The huge changes can be more clearly seen in a group of comparison figures: 20 years ago, China imported and exported 11.56 billion yuan (about 1.81 billion U.S. dollars) of goods a day, and now it only takes about three hours; Chinese people spent 480 million yuan an hour then, and now it takes about six minutes.

China has fully delivered on its accession commitments. Its overall tariff rate has been cut from 15.3 percent to 7.4 percent, lower than the 9.8 percent accession commitment. The central government has reviewed and revised over 2,300 laws and regulations, and local governments over 190,000, which all helped unleash market and social vitality.

"WTO accession has proved to be one of the most important economic events in the history of China and the modern world, which has created a win-win outcome for China and the world," said Yi Xiaozhun, WTO's former deputy director-general.