The WTO is facing its “existential crisis”. The “modernization” this time, driven by the U.S. and supported by the EU and Japan, is the most important reform since the multilateral trade and investment systems founded after the WWII. Against the backdrop of US-China trade negotiations, this seminar focuses on the questions of why WTO reform, who are the key players, what do they want, what the key issues, and explores China’s options and best response.