A draft revision to China's Foreign Trade Law was submitted on Monday to the ongoing session of the Standing Committee of the National People's Congress for a second reading, with new provisions to support digital trade development and accelerate the building of a green trade system.
The revised draft adds provisions to promote a cross-border financial services system and advance digital development of foreign trade, including international mutual recognition of digital certificates and electronic signatures to facilitate trade.
On green trade, the revised draft includes provisions to promote the development of product standards, certification and labeling systems related to green trade, and supports and advances the building of a foreign trade talent workforce.
The revised draft adds provisions to advance China's efforts to become a trader of quality, safeguard a fair and just international economic and trade order, and enhance the functions and service capacity of trade promotion platforms.
The revised draft clarifies common modes of services trade and encourages international services trade through cross-border supply, consumption abroad, commercial presence and the movement of natural persons.
In setting legal liabilities, the revised draft takes into account that many foreign trade operators are small and micro businesses. It adjusts provisions on fines by removing minimum fine amounts, allowing regulators to apply penalties more accurately based on case-specific circumstances.
China mulls revision to Foreign Trade Law to boost digital, green trade
