THE TRANSFORMATION OF MAINLAND CHINA ECONOMIC-SYSTEM IN A BID TO REENTER GATT

Since 1992, Belling has been making a concerted effort to bring ifs economy into line with the requirements for entry into the General Agreement on Tariffs and Trade (GATT). In addition to restructuring the state-owned sector in order to minimize the adverse impact of GATT membership an enterprises, the authorities have attempted to reform mainland China's foreign trade and investment system to meet GA TT requirements concerning fair competition. Over the past two years, regulations concerning foreign investment have been unified and more widely publicized; new laws, such as the Company Law and the Foreign Trade Law, have been promulgated; and markets have been opened by reducing tariff and nontariff barriers and reforming the foreign exchange system. This paper also includes a discussion of the possible impact of Beijing's and Taipei's accession to GATT on cross-Strait political and economic relations.