China's new Foreign Trade Law receives warm welcome

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Last updated at: (Beijing Time) Friday, April 09, 2004

China's new Foreign Trade Law receives warm welcome

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The revised Foreign Trade Law of China will take effect on July 1, concluding China's two-year-long review of its laws related to foreign trade, making China's legal system consistent with its WTO commitment.

Foreign commercial chambers in China told Xinhua here Friday that they welcome this new law and this is another important step that China performs its commitment to the World Trade Organization.

The draft amendment to the Chinese Foreign Trade Law, submitted for deliberation for the third time, was passed by a unanimous vote at the eighth meeting of the 10th National People's Congress (NPC) Standing Committee, which was closed on Tuesday.

During the revision, related Chinese department have consulted foreign businessmen in China. This is the first time for China to do so when revising a law.

European Union Chamber of Commerce in China said the newly promulgated law has been amended in a number of key areas, bringing the law closer in line with China's WTO commitment and providing a sound basis for future trade of the two sides.

Edward Smith, deputy chairman of the China-Australia Chamber of Commerce (AustCham), said, "AustCham wholeheartedly congratulates the Chinese government for its revision of the Foreign Trade Law."

According to the new law, individuals can also be engaged in foreign trade. Smith said the further opening of foreign trade to individuals and small-medium enterprises will create new business opportunities and expand China's foreign trade, both in imports and exports.

He said AustCham Beijing also welcomes the additional protection offered in the new law for intellectual property. Not only western companies, but also Chinese companies who are developing their own brands and pushing into overseas markets, will also come to rely heavily on intellectual property protection.

"The implementation and enforcement of the new rules will be crucial to ensure that they are not just a 'paper tiger'," he said.

Having lived in China for 11 years and having watched China's business environment gradually improved, Smith said he is also confident that the Chinese government will keep improving the commercial environment.

European Union Chamber of Commerce in China also expressed its hopes: clear guidelines would be provided as how foreign operators, including foreign investment enterprises, would be able to conduct imports and exports of goods and technologies.

Source: Xinhua

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