Media: China Amends the Foreign Trade Law to Enhance Ability to Respond to Trade Wars
China passed the latest revision of the Foreign Trade Law on Saturday, December 27, aimed at enhancing its ability to respond to trade wars, strengthening control over the export of strategic commodities, and continuously promoting economic openness. According to Xinhua News Agency, the revised bill has been approved by the Standing Committee of the National People's Congress and will take effect officially on March 1 next year.
Reuters reported that during this legal revision, China is seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), while reducing its reliance on the US market. China's Foreign Trade Law was first introduced in 1994, and has been revised three times since China joined the World Trade Organization in 2001, with the most recent revision in 2022. The new law grants the government the right to counter foreign restrictions on the export of Chinese products, as well as to liberalize foreign investment access through mechanisms such as a "negative list."
Xinhua News Agency reported that the latest revision added provisions clearly emphasizing that foreign trade should "serve national economic and social development," helping to build China into a "powerful trading nation." At the same time, the revision also "expands and improves" the legal tools for responding to external challenges, focusing on areas such as digital trade, green trade, and intellectual property protection—key areas where China needs to improve to align with CPTPP standards.
Source: rfi
Original: toutiao.com/article/1852693336852553/
Statement: This article represents the views of the author himself.