Foreign Trade of China(2)
2 min readWhile running the special economic zones,China has undertaken a series of reforms in the foreign trade system,such as expanding local governments’examination and approval authority over foreign trade and exports,and enlarging foreign trade enterprises autonomy over export trade and operations.Consequently,the old system featuring monopolized operation by the state,highly centralized management,integration of government administration with enterprise operations and the state assuming responsibility for profits and losses has basically been changed:The state has gradually cut back on mandatory plans for foreign trade enterprises,and a management system which indirectly regulates and controls foreign trade through Customs duties,foreign exchange rates,credits and tax refunds has been put in place step by step.
In 1986 China formally applied for reinstatement as a signatory state in the General Agreement on Tariffs and Trade(GATT),so as to make its foreign trade conform more to international practice.Since the World Trade Organization(WTO)was founded in 1995,China continually applied to participate in it.During this period,China lowered its import tariff rates on several occasions and realized the convertibility of RB in regular items.Over the past 14 years,China’s enthusiasm for acceding to the WTO has never flagged and it has put its commitments into practice.
That is to say,with its status as a developing country as the premise and the Uruguay round of negotiations as the basis,China undertakes its obligations suitable to its economic development level,actively strengthens negotiations with the United States,European Union and other member states.Bilateral and multilateral negotiations for China’s entry into the WTO have reached the final stage.The day for China to join the WTO is not far away.Meanwhile,China actively participates in the activities sponsored by the Asian-Pacific Economic Cooperation Organization,and plays an important role in the organization.The bilateral trade relations between China and the United States,the European Union,Russia and Japan have been constantly strengthened.