The Transformation of Mainland China`s Economic System in a Bid to Reenter GATT

Abstract

Since 1992, Belling has been making a concerted effort to bring ifs economy into line with the requirements for entry into the General Agreement on Tariffs and Trade (GATT). In addition to restructuring the state-owned sector in order to minimize the adverse impact of GATT membership an enterprises, the authorities have attempted to reform mainland China`s foreign trade and investment system to meet GA TT requirements concerning fair competition. Over the past two years, regulations concerning foreign investment have been unified and more widely publicized; new laws, such as the Company Law and the Foreign Trade Law, have been promulgated; and markets have been opened by reducing tariff and nontariff barriers and reforming the foreign exchange system. This paper also includes a discussion of the possible impact of Beijing`s and Taipei`s accession to GATT on cross-Strait political and economic relations.