"Foreign Trade Law of the People's Republic of China (revised draft)" passed by the eighth meeting of the Standing Committee of the Tenth National People's Congress on April 6 formally entered into effect on Jul 1.

The timely revision of the law is on the one hand the need for China to honor its commitments on joining the WTO, and on the other for meeting the requirement of the rapid development of China's foreign trade, said Chong Quan, spokesperson with the Ministry of Commerce (MOC).

The smooth implementation of the law, he said, bears a great significance for establishing and carrying out scientific concept of development in an all-around way on the front lines of the foreign trade, coordinating domestic development with opening-up and realizing an overall, coordinated and sustainable development of China's foreign trade. Meanwhile, the effective implementation of the law will definitely enhance the ability and level of China's opening-up to the outside world and deepen trade relations with various countries (regions) worldwide.

Chong Quan said, lots of contents have been added and revised in the new foreign trade law. For example, the approval system for foreign trade rights has been changed into registration and recording system, items on protecting intellectual property rights in foreign trade and investigation on foreign trade have been added and, articles and items on foreign trade promotion and relief have been complemented.

According to the foreign trade law, the spokesman said, Foreign Trade Operators Registration Measures issued by the MOC also took effect on July 1, which marks that China has performed its WTO commitments half a year ahead of the schedule. The measures have explicit stipulations on the recording and registration process for running goods and technology import and export. This represents the new ideas of government administrations and departments on transforming their functions and improving services.

Chong Quan noted, the major commercial departments at all levels should, on the one hand, continue to strengthen publicizing and learning foreign trade law, and on the other manage and develop the country's foreign trade strictly according to the law. Moreover, they must step up formulating related laws and regulation, strive to administer by law, push forward the rapid and healthy development of China's foreign trade based on the law.

By People's Daily Online