Not all anniversaries are landmarks. And yet, ten years after China joined the World Trade Organisation, it is impossible to overlook the consequences of this momentous decision on the global economy.

Those present in 2001 will recall how difficult the negotiation process was. In fact, it was extraordinary that they even reached an agreement. Bill Clinton’s presidency was a study in unfulfilled potential, but this was one of its genuine achievements.

The US benefited from the deal but it was far from being the biggest winner. China scooped the largest prize. In areas such as agricultural goods, trade liberalisation was nothing short of dramatic. By entering the WTO, Beijing could adopt aspects of international commercial law which would have been more difficult to introduce because of domestic constraints.