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China Trade Regulation
 
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In 1998, China's imports and exports totaled 323.93 US dollars. Of which, exports stood at 183.76 billion US dollars, and import,140.17 billion US dollars, with an annual trade surplus of 43.59 billion US dollars, ranking 11th place in total imports and exports among chief trading countries (regions) over the world, ranking 10th place in imports and 9th place in exports.

In 1998, the order of China's top ten trading partners was the following: Japan, 57.9 billion US dollars; the USA, 54.94 billion US dollars; European Union, 48.86 billion US dollars; Hong Kong, 45.41 US dollars; ASEAN, 23.48 billion US dollars; South Korea, 21.26 US dollars; Taiwan Province of China, 20.5 billion US dollars; Russia, 5.48 billion US dollars; Australia, 5.03 billion US dollars; and Canada, 4.36 billion US dollars. The import and export volume between China and the top ten trading partners totaled 287.22 billion US dollars, accounting for 88.7% of China's import and export volume.

By the end of 1998, the number of China's trading partners reached more than 220.

Section I: China Foreign Trade Laws and Regulations
To date, China has instituted a fairly perfect foreign trade legal system with the "Foreign Trade Law" as the core, involving management of foreign trade dealers and import and export commodities and technology, foreign exchange, customs control, import and export commodity inspection, animal and plant quarantine, protection of intellectual property rights, and economic and trade arbitration related to foreign interests and proceedings.

I. Foreign Trade Law
The Foreign Trade Law, which came into force on July 1, 1994, serves as the basic law on standardizing foreign trade activities in China. Its basic principles are:
  • That the whole country practices a unified foreign trade system;
  • Safeguarding a fair and free foreign trade order;
  • Ensuring the independent operational authority of foreign trade dealers;
  • Encouraging the development of foreign trade;
  • Promoting trade relations with other countries and regions on the basis of equality and mutual benefit.

II. Laws and Regulations on Managing Foreign Trade Dealers
Apart from the fact the Foreign Trade Law has stipulations in this regard, other major related references are the "Regulations on Issues Concerning Examination and Approval of Foreign Trade Enterprises" promulgated by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) on May 24, 1988, the "Provisional Procedures on Operating and Managing Import and Export Commodities" promulgated on July 19, 1994, the "Provisions on the Distribution of Export Commodity Quotas" promulgated on December 29, 1995, the "Procedures on Paid Bidding for Export Commodity Quota" promulgated on April 17, 1995, and related detailed rules for implementation, the "Procedures on Bidding for the Export of Machinery and Electronic Products" promulgated on July 2, 1996, and the "Provisional Procedures on the Automatic Registration for the Authority of Productive Enterprises in Special Economic Zones to Independently Handle Imports and Exports" promulgated on January 22, 1997.


III. Laws and Regulations Governing Management of Import and Export Commodities

  • Major laws and regulations on managing import commodities

    The "Provisional Regulations of the People's Republic of China Concerning the License System for Import Goods" promulgated on January 10, 1984, and related detailed rules for implementation, the "Provisional Procedures on Managing Quotas for the Import of General Commodities" promulgated on December 29, 1993, and related detailed rules for implementation, the "Provisional Regulations Governing the Automatic Registration for the Import of Special Commodities" promulgated on April 13, 1994, the "Provisional Regulations on Managing the Import of Machinery and Electronic Products" promulgated on October 7, 1993, and the "Circular on Tightening Management of the Import of Used Machinery and Electronic Products" promulgated on December 22, 1997, the "Detailed Rules for Implementation on Managing Imports by Foreign-Funded Enterprises" promulgated on June 9, 1995., and the "Management Method on the Standard of the Imported Machinery and Electronics Products."

  • Major laws and regulations on managing export commodities

    The "Provisional Procedures on Managing Export Commodities" promulgated on December 29, 1992, and the revised "Provisions on Managing Export Licenses" promulgated on January 2, 1996.

  • Important laws and regulations in connection with trade

    The "Provisions of the People's Republic of China on Environmental Management of Chemicals imported for the First Time and the Import and Export of Poisonous Chemicals" promulgated on March 16, 1994, and related detailed rules for implementation, and the "Provisional Regulations on Environmental Protection Regarding the Import of Wastes" promulgated on March 1, 1996.


IV. Laws and Regulations on Import and Export Commodity Inspection, Animal and Plant Quarantine and Hygienic Quarantine

  • Major Laws on Inspecting Import and Export Commodities

    The "Law of the People's Republic of China on Inspecting Import and Export Commodities" promulgated on February 21, 1989, and related detailed rules for implementation, the "Procedures on the Implementation of the License System for Safety and Quality of Import Commodities" promulgated on August 1, 1993, and related detailed rules for implementation, the "Procedures on Managing Labels of Import and Export Foodstuffs (for Trial Implementation)" promulgated on May 1, 1994, and the "Procedures on Exemption of Import and Export Commodities from Inspection (for Trial Implementation)" promulgated on January 11, 1990, and the "Procedures on Re-Inspection of Import and Export Commodities" promulgated in 1993.

  • Major laws and regulations on animal and plant quarantine

    The "Law of the People's Republic of China on Quarantine of Entrance and Exit Animals and Plants" promulgated on October 30, 1991, and related detailed rules for implementation.

  • Major hygienic quarantine laws and regulations

    The "Law of the People's Republic of China on Border Hygienic Quarantine" promulgated on December 2, 1986, and related detailed rules for implementation, the "Food Hygiene Law of the People's Republic of China" promulgated on October 30, 1995, and the "Procedures of the People's Republic of China on Managing Imported Pharmaceuticals" promulgated on November 2, 1990.

V. Laws and Regulations Governing Foreign Exchange Control
China's most basic law on foreign exchange control is the "Regulations of the People's Republic of China on Foreign Exchange Control" promulgated by the State Council on January 26, 1996. Moreover, regulations in this regard include: the "Notice of the People's Bank of China on Further Reforming the Foreign Exchange Control System" released on December 28, 1993, the "Provisions on Managing Settlement in, Sales of and Payment in Foreign Exchanges" promulgated on June 20, 1994, and the "Procedures on Managing the Settlement in Foreign Exchanges under Current Account" printed and distributed on July 25.

VI. Customs Laws and Regulations and Tariff Laws and Regulations

  • Customs laws and regulations

    The Customs Law of the People's Republic of China" promulgated on January 22, 1987, the "Customs Procedures on Managing the Processing and Assembly Business for Overseas Customers" promulgated in September of 1987, the "Customs Procedures on Managing Bonded Factories Handling Processing Trade" and the "Customs Procedures on Managing Bonded Warehouses and Goods Stored Wherein" promulgated in April of 1988, the "Customs Procedures on Managing Processing Import and Export Goods with Imported Materials" promulgated in June of 1988, the "Provisional Procedures on Managing Export Warehouses under Supervision and Control" promulgated in March of 1992, the "Procedures on Supervising and Levying taxes on the Import and Export of Goods by Foreign-Funded Enterprises" promulgated in August of 1992, the "Customs Regulations of the People's Republic of China Concerning Protection of Intellectual Property Rights" promulgated on July 5, 1995, The "Customs Procedures on Supervising Bonded Zones" promulgated on August 1, 1997, the "Customs Inspection Regulations of the People's Republic of China" promulgated on January 3, 1997, and the "Customs Procedures of the People's Republic of China on Supervising Imported Exhibits" promulgated on January 3, 1997.



  • The regulations involving tariffs are primarily the "Import and Export Duty Regulations of the People's Republic of China" (which were promulgated following revisions on March 18, 1992) and the "Anti-Dumping and Anti-Subsidy Regulations of the People's Republic of China" promulgated on March 25, 1997.


VII. Civil and Commercial Laws Involving Foreign Interests
With the increasingly higher degree of opening up, China has paid increasingly closer attention to civil and commercial legislation involving foreign interests. The "Law of the People's Republic of China on Economic Contracts Involving Foreign Interests" was adopted on March 21, 1985. It was the first time that China enacted a law in regard to economic and trade contracts. The "General Principles of the Civil Code of the People's Republic of China" was adopted on April 21, 1986. This was a significant step taken by China in civil and commercial legislation. 		 

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