Proposals for legislation to implement China’s commitment to allowing foreigninvested enterprises (FIEs) full foreign trading rights have been submitted by the Ministry of Foreign Trade and Economic Cooperation to the State Council, China Daily said. According to the agreements made when it joined the World Trade Organisation, China will grant full trading rights to minority foreign-owned joint ventures in 2002 and to majority foreign-owned joint ventures in 2003. Within three years of WTO accession, all enterprises in China will be granted the full right to trade. FIEs will then be able to import and export all products that are not subject to state trading or designated trading.
Between January and November of last year, exports by FIEs increased 11.5 per cent to US$120.71bn and import rose 7.3 per cent to US$114.14bn, according to China’s customs statistics. Collectively-owned and private companies increased their exports by 47 per cent to US$17.64bn and imports by 58 per cent to US$12.47bn. Exports by state companies decreased 3.5 per cent to US$103.23bn and imports climbed 5.8 per cent to US$94.59bn.