Automatic Import Licences for FIEs

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Following China's entry into the WTO, the Chinese legislature has been busy cleaning up and amending laws and regulations that are not in conformity with WTO rules. The import and export businesses of Chinese enterprises, as an important sector of the national economy, have attracted a great deal of attention both at home and abroad. On December 5 2001, the State Council promulgated the Regulations on Administration on Import and Export of Goods of the PRC (the Regulations). Effective January 1 2002, the Regulations have not only superseded and unified the unsystematic regulations and rules in this area, but have also systemized the administration of import and export of goods.