In 2004, China's import and export trade volume totaled US$
1,154.79 billion, a 35.7 percent year-on-year increase, and ranking
3rd in world trade. This compares to 27th, 16th, 8th and 4th place
in 1978, 1990, 2000 and 2001 respectively. At present, more than
220 countries and regions trade with China. China's mainland's 10
major trade partners are: the EU, the US, Japan, Hong Kong Special
Administrative Region, ASEAN, the Republic of Korea, Taiwan
Province, Australia, Russia and Canada.?
On July 1, 2004, China began to implement the revised Foreign Trade
Law. This law has transformed the 50-year-old examination and
approval system of foreign trade into a registration system; it has
made clear regulations on the import and export of goods and
technology, international trade in services, the order of foreign
trade and the protection of intellectual property rights concerned
with the order of foreign trade, etc., so as to accelerate its
development.
Since joining the WTO, China's overall level of import customs
duties decreased from 15.6 percent in 2000 to 10.6 percent in 2004.
In 2005 the customs duties further decreased to 10.1 percent.
Average duty on industrial products fell to 9.3 percent, on
agricultural products to 15.6 percent and on IT products covered
under the WTO Information Technology Agreement ("ITA") to zero.
