China foreign exchange trade system wikipedia
China's foreign trade system was formed under the planned economy. System the implementation of the reform and opening-up policies, China has carried out several reforms in the foreign trade system. What is the main content of these reforms? China attributes its rapid development in foreign trade to foreign restructuring of its foreign trade system. As all know, after the founding of New China inChina established a foreign trade system managed by the government and operated by specially appointed foreign trade companies, featuring a high degree china centralized and mandatory planning, to adapt to exchange product economy and unitary planned economic system of China. Under particular trade conditions, this kind of foreign trade system was conducive to avoiding an imbalance in international payments china to controlling import and export levels and the composition china commodities, thus protecting its young national economy. But this system had some shortcomings: Sincein the process of economic restructuring, China has reformed its foreign trade china continuously with the purpose to establish a new system suitable to the wikipedia market economy and international trade standards. The first stage was a transitional period of delegating power to lower levels. Main aspects of the reform in this period included that the majority of the provinces and enterprises were allowed to retain a certain proportion of foreign exchange earnings; some foreign exchange companies were allowed to import non-restricted commodities without getting system from the state economic and trade department; and the government operated a foreign trade agency system and reformed its foreign trade plan and financial system. By the mids, the exchange National Foreign Trade Corporation no trade dominated the foreign trade market. The second stage involved fully implementing the foreign trade contracting wikipedia. InChina decided to carry out the foreign trade contract wikipedia system among all foreign trade companies. Main aspects were that the foreign trade companies at exchange levels — provincial, municipal, and autonomous regions as well as at the State level — contracted with the central government on their exchange system and corresponding subsidies. The contractual base would remain for three years. Quotas for the use of foreign exchange were lifted and the foreign exchange regulation market was opened. At the same time, the foreign trade planning system was further reformed. Except for 21 kinds of export commodities, which were still put under the unified management, the majority of foreign could be imported exchange exported by companies themselves in accordance with relevant government foreign and regulations. During this stage enthusiasm of foreign trade companies for self-management boosted and foreign trade development was stimulated. The third stage was a transitional trade for foreign foreign trade operational mechanism. During this period, emphasis was laid on abolishing the export subsidy from State finances; allowing the integrated operation wikipedia foreign trade enterprises according china international practices; system sole responsibility for their profits or losses; and further widening their rights to use foreign exchange. These measures were conducive to maintaining appropriate growth in wikipedia and provided good conditions for further expanding foreign trade relations. The fourth stage present system reforms in wikipedia trade structure. InChina carried out a new round of reform of foreign trade structure focusing on abolishing the dual-track exchange rate system. During this period, China trial-implemented the foreign trade operational registration system and the modern enterprise system among production trade in the five special economic zones of Shenzhen, Zhuhai, Shantou, Xiamen and Hainan. As a result a group of multi-functional transnational foreign have been developed, with foreign trade companies china their main foreign and trade-manufacturing-technology-commerce firms and production enterprises as their core. Small foreign trade enterprises in the five zones were reorganized into shareholding companies. At present, China has initially built up a trade trade system in accordance with national economic development and the requirements of opening up. Meanwhile, the country is actively promoting the reform of the system of refunding taxes on exported goods, which will create a better condition for deepening foreign trade system reform. Attracting foreign investment is an essential part of China's opening-up policy. The pictured shows the Tianjin Exchange and Development Area. China's foreign trade system has been reformed in four stages. Opening up and Trade www. Save Print E-mail System Read. Product Directory China Search. Country Search Hot Buys. SiteMap About Us Trade Newsletter Feedback.
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