Top legislator Li Peng yesterday called for the National People's Congress to make necessary revisions of, and amendments to, existing laws in advance of the nation's impending entry into the World Trade Organization (WTO).
"China, as a developing country, should formulate laws and rules in accordance with the articles of WTO codes, which are applicable to developing countries, in a bid to safeguard national interests and reflect the balance of rights and duties," said Li, chairman of the Standing Committee of the Ninth National People's Congress (NPC).
Li made the comments during a lecture event on WTO-related laws organized by the NPC Standing Committee.
Professor Guo Shoukang, from the Beijing-based Renmin University of China, delivered a speech at the lecture. He said that economic and financial laws in China have to match the rules of the WTO.
Li stressed that China's entry into the trade conglomerate is in the basic and long-term interests of the Chinese people, although it will bring about challenges along with opportunities.
Legal changes in preparation for the entry moved a step further during yesterday's meeting of the NPC as legislators gave the green light for amendments to laws concerning foreign investment.
The NPC passed amendments of four laws and a language law after concluding their nine-day session yesterday in Beijing.
"The approval of the amendment of the laws on Chinese-foreign co-operative ventures and solely foreign-funded ventures in China creates a sound legal context for improving the investment environment," Li said at the meeting.
He added that the approval will also promote the absorption of foreign investment and expansion of economic cooperation and exchanges.
The amendments deleted several clauses limiting foreign investors in terms of foreign exchange balance, priority purchasing in China and selling products overseas.
The NPC passed another amendment of the nation's law on the protection of the interests of returned overseas Chinese.
On a more specific level, legislators approved an amendment to China's 14-year-old Fishery Law. The amendment states fishery management should protect the environment and scientifically define the breeding density to bring China's fisheries up to international standards.
A new law concerning national written and spoken language was also approved yesterday.
(China Daily November 1, 2000)
