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China Pledges to Establish Transparent, Fair Legal System for Foreign Trade
China has pledged to modify its existing foreign trade laws and regulations in line with international rules, and set up a transparent and fair legislative and consulting mechanism for foreign businesses after its entry into the World Trade Organization, a senior Chinese official said in Hong Kong Tuesday, December 19.
Long Yongtu, China's chief representative for trade negotiations at the Ministry of Foreign Trade and Economic Cooperation, told reporters during the Hong Kong 2000 China Investment Policy Seminar that China has already made commitments to abiding by international rules and opening up its market after its WTO entry.
Long stressed that the promise of abiding by international rules bears far-reaching impact on China's foreign trade activities and is a big stride forward for China towards the international legal system as well as an important step for China to improve its investment environment.
China has pledged that after its accession to the WTO, all foreign trade activities should be conducted under the country's promulgated laws and regulations and any "internal regulations and laws" which are not officially declared should not be implemented, Long said.
To guarantee the transparency of the laws and regulations, Long said the government will designate special publications to publish all the country's laws and regulations concerning foreign businesses so that any WTO members, enterprises and individuals can have access to the latest development of China's laws and regulations.
Besides, laws and regulations on foreign businesses, except for those concerning national security such as foreign exchange policies, before coming into effect, will be forwarded to enterprises and related parties for a review of their feasibility, thus to make sure they confirm to the reality and economic rules of the market, Long said.
Furthermore, Long said, a consulting and complain-lodging mechanism should be set up for enterprises and the government will establish consulting centers to settle enterprises' legal problems within 30 days or 40 days at best.
Long also promised the uniformed administration of all important laws and regulations, saying that no interference of "local laws and regulations" should be allowed. China also promised to set up a fair and independent judicial mechanism to ensure the independence of the laws, he said.
On the opening up of the market, Long said China has promised to completely change the relationship between the government and enterprises and reduce the government's interference in economic and enterprises' activities, thus make China's enterprises run on their own and responsible for their profits or losses.
Long believed Hong Kong's status as a gateway of China to the outside world, instead of being weakened, will be strengthened after China's WTO entry. During the past 20 years, half of China's exports to the outside world and half of foreign capital into China have gone through Hong Kong, Long said.
Hong Kong, with its complete legislative system and advanced service industry, will play an even bigger role in assisting the Chinese mainland to develop its service industry, Long added.
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