Abstract

The paper identifies the importance of the Chinese accession to WTO and provides the basic information towards the import and export regulations after it. It also gives the historical background to the gradual and continuous liberalization of the foreign trade in China, explaining that it was a long and challenging process for the Chinese economic system. With the accession to WTO, China was obliged to reduce its import tariffs and lose the considerable sums of tariff revenues, which it was supposed to compensate with the help of the other regulations. The paper considers the effectiveness of such regulations and offers the alternative ways of compensation that appear to be more effective in this regard. In addition, the paper also gives the contemporary overview of the tariff reduction policy of China, analyzing the advantages and disadvantages of the last. It concludes that the Chinese government has to face a great set of challenges and undergo a great variety of political and economic reforms to effectively compensate such losses.

This work is licensed under a Creative Commons Attribution 4.0 License.