Shoppers in Beijing on December 10, 2011
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China 'needs faster reform' to ensure continued growth

It has been a decade since China first joined the World Trade Organization (WTO), and in that span of time, China has rapidly transformed into an economic powerhouse, driven mostly by exports.

China has overtaken Japan to become the world's second-largest economy, built up the world's biggest foreign exchange reserves and seen its number of millionaire households rise exponentially, all since 2001.

Zhiwei Zhang, Nomura's chief China economist in Hong Kong, says China has clearly benefited from joining the WTO, but could do more to open up its economy to foreign companies.