China Overhauls Foreign Trade Laws, RegulationsChina is overhauling its laws and regulations concerning foreign trade in order to get fit for the standards of the World Trade Organization (WTO), said a senior official with the Ministry of Foreign Trade and Economic Cooperation on Friday.Zhang Yuqing, head of the ministry's department of law and regulations, said China is making it a top priority to establishing a uniform, just, and open legal framework in the field of international trade and business administration, which is necessity of the country's entry into WTO and a guarantee for continued stable economic development. Zhang made the remarks at a Round Table Discussion on China's WTO Accession by International Experts, held here at Shanghai. Zhang said that his ministry has so far counted the related legal documents and made the necessary amendments or abrogation. Statistics show that the country had 1,413 pieces of legal documents related to foreign trade, including six laws, 164 administrative rules, 887 regulations formulated by government departments, and 191 bilateral agreements by the end of January this year. Of the total, 114 administrative rules and 459 regulations are to be abolished. According to the official, the ministry will also formulate 26 new regulations and strengthen the inspection and direction on various sectors under cooperation with other government departments. The round table was sponsored by WTO Shanghai Research Centre and Hong Kong WTO Research Institute. |
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