Henry Gao is a Senior Fellow at the Centre for International Governance Innovation and Professor of Law at Singapore Management University. He sits on the Advisory Board of the WTO Chairs Program and the editorial boards of the Journal of International Economic Law and Journal of Financial Regulation. Weihuan Zhou is Associate Professor and Director of Research at the Faculty of Law and Justice, UNSW Sydney and the Faculty's HSF CIBEL Centre. He is the author of China's Implementation of the Rulings of the World Trade Organization (2019), co-Secretary of the Society of International Economic Law (SIEL) and editorial board member of the Journal of International Trade Law and Policy.

'Henry Gao and Weihuan Zhou have done the nearly impossible—unpacked the relationship between the triumph of China and the decline of the WTO while presenting a compelling challenge to the conventional wisdom that WTO rules are inadequate to address Chinese state capitalism. A must read for those looking to understand how China's economic model impacts the world and its trading system.' Jennifer Hillman, Co-Director of Center of Inclusive Trade and Development and Professor from Practice, Georgetown University Law Center

• 1. China, state capitalism and the World Trading System; 2. The evolution of China's reforms of State-Owned Enterprises (1978–2020); 3. State capitalism in China's accession to the WTO: concerns and solutions; 4. The limits of general WTO rules; 5. The potential of WTO rules on industrial subsidies and China-specific obligations; 6. Emerging approaches to regulating State-Owned Enterprises: the comprehensive and progressive agreement for Trans-Pacific Partnership (CPTPP) and Post-CPTPP free trade agreements; 7. Tackling China's state capitalism: WTO litigation and trade negotiation; 8. Conclusion: the potential of multilateralism.