The Development of China's FDI Laws and Policies After WTO Accession (2011)

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1、TheDevelopmentofChina’sFDILaws6andPoliciesafterWTO AccessionChunlaiChenIntroductionPoliciesandreformsrelatingtoforeigndirectinvestment(FDI)havebeenamongthemostfundamentalaspectsofChina’seconomicreforms.Duringthepastthreedecades,China’schangeofattitudef

2、romrestrictingtopassivelyattractingandthentoactivelyselectinginwardFDIhasbeenfullyreflectedbytheevolutionofitsFDIpolicies,lawsandregulations.GivenChina’sglobalrankingasanFDIdestinationandthevastquantityofFDIinflowsintoitsdomesticeconomy(accumulativeFDI

3、inflowsofaboutUS$1000billionduringthepastthreedecades),thisreformprocessrelatingtoFDIappearstohavebeenextremelysuccessful.AfterChina’saccessiontotheWorldTradeOrganisation(WTO)in2001,ChinafurtherliberaliseditsFDIregimeinconformitywithWTOrulesandrequirem

4、ents.Intermsoftradeingoods,Chinaprogressivelylowereditstariffsandphasedoutnon-tariffmeasures,withitssimpleaveragetariffratedroppingfrom42.9percentin1992to15.3percentatthebeginningof2002,andfurtherto9.8percentin2010.Chinahasalsomadesubstantialcommitment

5、sinservices,openingupmoresectorstointernationaltradethananyotherWTOmember.Furthermore,ChinaagreedtofullyimplementtheGeneralAgreementonTrade-RelatedAspectsofIntellectualPropertyRights(TRIPS)toprovideintellectualpropertyrightsprotectionandenforcement,whi

6、lealsocommittingtocomprehensivelyimplementtheAgreementonTrade-RelatedInvestmentMeasures(TRIMs)afterenteringintotheWTO,andtoreduceforeigninvestmentbarriersandtoliberaliseitsFDIregime.China’saccessiontotheWTOhashadapositiveimpactonitsFDIpolicyregime,part

7、icularlywithregardtonationaltreatmentandtransparency.Meanwhile,ithasalsoprovidedtheimpetusforChinatoimproveitscompetitionpolicies,industrialpoliciesandintellectualpropertyrightsprotectionandenforcement.ThedevelopmentofChina’sFDIlawsandpoliciessinceWTOa

8、ccessionhasbeenmarkedbytherapiddevelopmentofasystematicregulatoryframeworktofacilitateandregulateFDI.Twocharacteristicsareprominent.First,emphasishasbeenplacedonthecreationanddevelopmentofamoreconsistentandsystematicregulatoryframework.