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1、Liberalization of Chinese Economy: APEC, WTO and the Tariff ReductionZhang Yunling1Significant progress has been made in liberalizing Chinese economy since late 1970s, which is a natural result of the reform and opening of the economy. The gradual integration of Chinese economy into the world market
2、 has created an interactive network of economic activities between China and the rest of the world, thus made Chinese market increasingly opened This is not a offer from China, but a mechanism for economic development. Chinas involvement of the regional and international organizations is an integrat
3、ed part of this process. I. Progress of Chinas Economic liberalization1. Reforms of Chinas Foreign Trade System Since 1979, foreign trade system has undergone remarkable changes. In 1988, foreign trade companies began to apply the contract management responsibility system. In 1991, export subsidies
4、for foreign trade were abolished and a system of being responsible for their own gains and losses adopted. In 1994, with the reform of the foreign exchange and foreign trade system, with merging the official rate and the market rate of RMB at its core, a single, managed RMB floating rate system base
5、d on supply and demand of the market was established. Starting from 1996, the currency, RMB, became convertible for the current account.Significant progress has also been made in the reform of the import and export trade system: Starting from 1994, mandatory plans on the total import and export volu
6、me, export earning of foreign exchange and import spending of foreign exchange were relinquished and a system of guiding plans was introduced. A unified tax reimbursement system under the central finance is gradually established. In accordance with the principles of efficiency, fairness and openness
7、, favorable conditions are actively created for public bidding, auction or standardized allocation for the quotas on import and export commodities. More and more steps have been taken in gradually deregulating foreign trade business to more eligible enterprises, units. Further steps in liberalizing
8、foreign trade business to domestic enterprises, as well as foreign companies are expected in the future. Big progress has been made in increasing the policy transparency.Ministry of Foreign Trade and Economic Cooperation of China (MOFTEC) has made public the internal standardized documents. General
9、Office of the State Council issued the circular on “Reaffirming Relevant Rules and Regulations Regarding the Promulgation of National Foreign Economic and Trade Laws, Rules, Regulations and Policies” in October, 1993, which stipulates that only those economic and trade laws, rules, regulations, admi
10、nistrative guidance and polices that have been made public will be implemented.Starting from October 1, 1993, MOFTEC has openly published foreign economic and trade laws, rules, regulations, administrative guidance and policies. More importantly, In May of 1994, China passed the “Foreign Trade Law”.
11、However, great efforts have to be made before China can build up a true efficient and transparent management system for foreign trade. By the way, the challenge is now also coming from “internal competition” brought about by foreign producers in China who sell their increasing part of the goods prod
12、uced inside the country. In case of large FDI, the distinction between domestic and foreign trade becomes less clear. 2.Lowering import tariffsChina has made great efforts in gradually lowering the tariff rates. In 1991, import tariffs on commodities of 43 tax items were lowered. On October 1, 1992,
13、 when a new commodity catalogue system of coordination was adopted in formulating customs rules, the import tariff rates of commodities of 225 tax numbers were lowered.In April of 1992, import adjustment tax levied on a group of important machinery and electronic products and chemical fibre was lift
14、ed (the import adjustment tax levied on color TV sets and cars then was 100 %.).By the end of 1992, the import tariff rates of commodities of 3371 tax numbers were lowered, thus decreasing the general level of Chinas tariffs by 7.3% to 39.9%.From December 31, 1993, the import tariff rates of 2898 ta
15、x items were lowered, including those of certain domestically scarce raw materials and mechanical equipment, the supply of which cannot meet the demand. Those rates were lowered by 8.8%, thus decreasing the arithmetic average rate of Chinas tariffs to 36.4% from 39.9%.From January 1, 1994, the impor
16、t tariff rate of sedan cars has been lowered respectively from 220% and 180% to 150% and 110% according to different size of cylinders, thus further reducing the general level of tariff by 1.4% to 35.9%.From 1 April 1996, tariffs on 4994 tax items began to be lowered, accounting for 76.3% of the cur
17、rent total number of Chinas tariff tax items (In 1995, 6350 tariff tax items were established in the Rules of Chinese Customs Import and Export tariffs). In the current Chinese Customs Import and Export Tariff Rules, the establishment of tariff tax items was readjusted in line with the decision of t
18、he Customs Cooperation Council and in the light of the actual conditions of China. The average tariff rate was lowered from 35.9% to 23% by the reduction, the scale of tariff reduction as large as 35.9%. (Kong Fanchang, 1996)Starting from October of 1997, China slashed its tariff rate from an averag
19、e of 23% to 17% again. A rough under 5,000 kinds of commodities, i.e. more than 73% of the total tariff-imposed commodities, were affected by the cut.Chinas import tariff rates are dual rates, i.e. a preferential tariff and a general tariff are simultaneously set for each item of commodity. In addit
20、ion, in the China Customs Import Tariff Regulations, within-quotas tariff rates and temporary tariff rates are stipulated for certain products.Preferential tariffs apply to the importation of goods from countries, which have mutually beneficial trade agreements with China. Currently, China has signe
21、d mutually beneficial trade agreements with 137 countries in the world.General tariffs apply to the importation of goods from countries, which do not have agreements with China. But under special circumstances and with the approval of the Tariff Administration Office of the State Council, preferenti
22、al tariffs can also be applied to the importation of goods from countries, which do not have agreements with China. Temporary tariffs apply to the importation of part of the production equipment and raw materials. In the Table of 1996 Import Commodities Temporary Tariffs (certain production equipmen
23、t), temporary tariffs are stipulated for products of 106 tax items. In the Table of 1996 Import Commodities Temporary Tariffs (other products), temporary tariffs are stipulated for products of 203 tax numbers, and in that of 1997,214 numbers. (Tables, 1997)Special tariffs refer to those two categori
24、es: The first is the tariff reduction and exemption rendered by administrative authorities to certain special regions, units and individuals in their importation of certain products. The second is the reprisal and counter-reprisal tariffs that are forced to be implemented in international trade disp
25、ute. The size and application of special tariffs are often uncertain.Owing to the existence of special tariffs, there is a sharp difference between actual tariff and nominal tariff in Chinas import tariffs.Generally speaking, general tariffs are higher than preferential tariffs, preferential tariffs
26、 are higher than within-quotas and temporary tariffs, and special tariffs are uncertain. Nominal tariffs are far higher than actual tariffs.The basic principles in setting Chinas import tariff rates are: 1) Tariff exemption or low tariff treatment should be rendered to the necessities that bear on t
27、he national economy and the livelihood of the people but can not be produced domestically or whose production can not meet the demand, like grain (wheat, corn, rice etc.), iron ore and most of the other metal mineral ores, most of raw materials. 2) The tariff rates for the raw materials are generall
28、y lower than those for finished or manufactured products.3) The tariff rates for the parts and components used in those machinery equipment and instruments and apparatus which can be produced domestically or whose quality is not yet up to standard are lower than those for the importation of a comple
29、te set.4) Higher tariffs will be levied on the goods that can be produced domestically or that do not bear on the national economy and the livelihood of the people. 5) Even higher tariffs are levied on the manufactured products whose domestic production requires protection. 3. Reducing non-tariff me
30、asuresCurrently, the non-tariff measures in China mainly include: quota, license management and administrative management. Before market economy was introduced, there was a strict approving system implemented on imports in China. In 1992, a total number of 1247 commodities were subjected to such man
31、agement measures as import quotas, licenses and import control, accounting for 20% of the total import commodity tariff items.In 1993, China by issuing the documents of “Management Measures of the Import of Machinery and Electronic Products” and the “Quota Management of the Import of General Commodi
32、ties”, reduced quota and license control on many commodities, eliminating all stipulations for import substitute commodities and relevant measures, abolishing the temporary ban and license control on the import of 34 production assembly lines. In January of 1994, the import quotas, licenses and admi
33、nistrative approval of commodities of 283 tax items such as steel and civil airplanes etc. were abolished. In June the same year, the import licenses and quotas on 208 tax items were eliminated. In June 1995, the import quotas and license control on commodities of 367 tax items were further abolishe
34、d. From July the range of import control on machinery and electronic products was further narrowed, reducing tax items from 196 to 160, and special product tax items being reduced from 190 to 119. From April 1996, China further eliminated quotas, licenses and other import control on commodities of 1
35、76 tax items, accounting for 30% of the total existing commodities under import license control. More quotas and licenses controls were liberalized following the new steps taken from October 0f 1997.Currently, commodities under import control measures as import quotas and licenses, accounting for le
36、ss than 5% of the total import tax items.(Kong Fanchang, 1996)At present, only 384 types of commodities among over 6000 tariff items are effected by non-tariff measures. China only implements a unified management on 16 important export commodities such as oil, coal, cotton, grain, maize and tea, etc
37、. while management for other commodities have been decentralized.However, it is argued that China now still has too many quotas and licenses, which should be gradually abolished. As a result, Chinas foreign trade management system has undergone significant changes, like separating the functions of a
38、dministration from those of management, reducing government intervention in enterprises activities; abolishing mandatory plans regarding export quotas and the obtaining and use of foreign exchange, replacing them with guidance plans under which the state exerts influence on foreign economic activiti
39、es and trade mainly through economic means such as tax revenue, credit and exchange rates. As a package of transparency, batches of internal documents have been brought into the open and many of them scrapped. An increasing number of companies and enterprises are permitted to have the right for doin
40、g import and export trade.However, the right for engaging in foreign economic activities and trade needs to be further deregulated.Until now, firms still have to get government approval before they could be engaged in foreign trade.Few foreign-invested trade companies has been allowed to be in the f
41、oreign trade business.Pressure has become strong from outside for China to open this field quickly. As a matter of fact, great effort has to be made further for China to change from the familiar administrative tools to the rules and measures accepted and recognized internationally. For existence, Ch
42、ina has not effectively and properly used some permitted laws and regulations, such as the “anti-dumping rules,” the “countervailing duty rules” and the “anti-monopoly law”. China has for long time taken too many administrative interventions in managing the import and export activities. What China n
43、eeds to do is not just reducing the non-tariff measures, but also improving the management system that meeting with market system. Of course, companies and enterprises themselves need to make quick progress to readjust and adapt themselves to the new situation. If they fail to make quick response of
44、 the changes, quite a few of them may be pushed out of the market under intense competitions. The commitments on reduction of non-tariff measures has to be made commensurate with the pace of the countrys reform and opening up so as to avoid unnecessary losses by bringing excessive pressures on the n
45、ational economy.4. Liberalizing the service sectorSignificant progress also has been made in liberalizing Chinas service sector though it is considered to be the most protected field. Foreign banks and other financial institutions were allowed to open their office from late 1970s after the reform st
46、arted. An experimental step was made in 1982 when China permitted a Hong Kong bank to set up a branch in Shenzhen Special Economic Zone (SEZ). Started from 1985, the other four SEZs, as well as 13 coastal open cities were also allowed to establish branches of foreign banks. A new step was taken in 1
47、992 when China gave permission to foreign insurance company to start business in Shanghai and Guangzhou. A joint venture was formed between China Construction Bank and Morgan Stanley in 1995, that is the first investment bank allowed to do business in China. Assigned foreign banks are allowed to do
48、RMB business in Pudong area, Shanghai, as well as Shamen, Fujian Province.Retail sector also started to open for business though still in a early experimental stage. Foreign investors in production allowed to sale a certain proportion of their products in Chinas domestic market according to the agre
49、ement. Hainan Province and other 10 cities, including Shanghai, Beijing and Guangzhou, are opened to few pioneer foreign companies to invest in retail business. However, wholesale sector is still closed to foreign business.As for transportation sector, progress in liberalization has also been made. Joint venture is encouraged to set up in China between domestic and foreign companies in doing international o
