Amendments to Foreign Trade Law
1 February 2003
Individuals will soon be legally allowed to conduct foreign trade from China instead of having to go through a powerful state monopoly, according to a draft amendment of the Foreign Trade Law. According to the amendment being considered by China's top legislature, the National People's Congress, all individuals, legal entities and organizations can take part in foreign trade. The decade- old Foreign Trade Law currently prohibits individuals from involvement in foreign trade. The draft amendment brings the law into line with a commitment to the WTO to allow foreign individuals in China to engage in cross-border trade.
By the China practice of Beiten Burkhardt, German Attorneys-at-Law