Membership in the World Trade Organization (WTO) has dramatically altered the character of the Chinese economy; and the country is ready to play a bigger role in globalization.

That is the assessment of Minister of Commerce Bo Xilai on the eve of the fifth anniversary of the nation's accession to the WTO.

"China's performance (since its entry to the WTO in 2001) has outpaced the expectations of not only foreigners but also ourselves," Bo said Sunday.

The past five years saw China

become the third-largest trader in the world; and its share in global trade nearly doubled to 7.7 per cent from 3.9 per cent.

"It is a splendid record for the country as the market share of other major traders, such as Japan, the United States and Germany, declined or levelled off during this period, " Bo said.

When China joined the WTO, many people were worried that domestic industries, such as steelmaking, telecommunications and banking sectors, would lose out to their international rivals.

The growth in imports and exports, however, has become a driving force for the improved

performance of domestic industries.

"We feel confident and optimistic when analyzing the structure of China's foreign trade," Bo said.

Exports of machinery and electronics products climbed to 56 per cent of the country's total exports in the past five years; high-tech products claimed 28 per cent; and completed products accounted for 94 per cent of total exports, according to statistics from the commerce ministry.

"Domestic industries did meet some challenges," Bo said. "But industries that opened up the most were the ones to have made the greatest progress."

Production of steel and vehicles increased by 25 per cent during the period while exports increased by around half.

More importantly, WTO membership perceptibly changed Chinese people's opinions on employment, intellectual property rights protection and innovation, Bo said, adding that he was proud of China completely fulfilling its commitments and strictly complying with WTO rules.

The government has revised more than 3,000 laws and regulations since the country joined the global trade body to optimize its market system.