But for the West, the agreement holds less than meets the eye.
China appears to be playing for short-term benefits, such as a surge in Western dollars.
Indeed, before the ink was even dry, Beijing portrayed this as a sign of political strength versus the United States, not as an important economic reform. In addition, she said the agreement will help China continue its economic reform and strengthen the rule of law. China has to still strike bilateral agreements with the European Union and four others before the WTO will formally consider China's petition for membership. For Beijing, signing the deal carried primarily political implications, not economic ones. The euphoria with which the Clinton administration is meeting the agreement works to China's immediate advantage, likely spurring a quick surge in investment.