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 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.
(Xinhua News Agency April 9, 2004)