Chinese legislators pass Foreign Trade Law revision

Chinese lawmakers adopted a revision to the Foreign Trade Law on Saturday, and the updated provisions will take effect on March 1.

The decision was made at a session of the National People's Congress Standing Committee on Saturday.

The current legislative revision is a direct response to profound shifts in the global trade landscape and the accelerated restructuring of international rules, Xinhua News Agency reported.

The latest 11-chapter, 83-article law has incorporated reform measures and established practices in the field of foreign trade into the legal framework.

These include the negative list management system for cross-border trade in services, support for and promotion of new forms and models of foreign trade, encouragement of digital trade, and accelerated development of a green trade system.

To further optimize the foreign trade environment, the revised law emphasizes strengthening the protection of intellectual property rights concerning foreign trade and establishing a trade adjustment assistance system to stabilize industrial and supply chains.

Additionally, the newly revised law further equips China with legal instruments to respond to external challenges, refines corresponding countermeasures, and strengthens relevant legal liabilities.

The Foreign Trade Law was enacted in 1994 and underwent its first major revision in 2004. The law was further amended in 2016 and 2022. This year marks its second comprehensive revision.

wangkeju@chinadaily.com.cn