By Neal Stender, Matthew McConkey & Bi Xing, Coudert
Brothers, Hong Kong, Beijing & Shanghai
New revisions to the
PRC Foreign Trade Law
Law) will take effect on July 1 2004. The Law governs all
cross-border transactions involving goods, technology or
services, deregulates access to foreign trading rights, and
addresses the roles of governmental authorities, foreign and
domestic companies, state-operated trading entities, and trade
The new revisions, the first since 1994, will bring Chinese
law into closer conformity with the PRC's WTO obligations.
Certain gaps may remain, depending on the Law's interaction
with other laws and regulations, and with new detailed rules
that are expected. Much will depend on the Law's interpretation
and implementation by governmental authorities.
The Law includes a number of differences from a draft
recently circulated to foreign organizations for comment. This
process constituted a major increase in transparency and
sensitivity to foreign concerns, although not all...