Top 10 business events in 2006

By Dai Yan (chinadaily.com.cn)
Updated: 2007-01-09 15:07

China had been a WTO member for five years as of October 11, 2006 and had accomplished some remarkable achievements. During the past five years, China fulfilled its WTO commitments and adjusted its foreign trade policy in line with WTO rules. The country's average tariff level decreased from 15.3 percent in 2001 to 9.9 percent in 2005. According to statistics by the World Bank, China's economic growth contributed an average of 13 percent annually to the world economy.

China adjusted the export drawback rates of some exported commodities starting September 15, 2006. Non-metal minerals and non-ferrous metal exporters would no longer receive export drawback. The nation reduced the drawback rate of 142 kinds of steel products from 11 percent to eight percent, but increased that of IT products, bio-technological medicines and high-tech products from 13 percent to 17 percent.

The European Union (EU) began anti-dumping investigations on Chinese shoemakers. The EU imposed temporary anti-dumping tariffs ranging from 4.8 percent to 19.4 percent on Chinese-made shoes starting April 7, 2006. The EU raised the tax rate to 9.7 percent from June 2 and 14.5 percent from July 14. Finally, the EU decided on October 6 to levy a two-year-term duty of 16.5 percent on Chinese shoemakers.

The Ministry of Commerce set down commercial tasks and goals for the 11th Five-Year Program (2006-10). By the end of 2010, China will see a unified and open domestic market, a new foreign trade increase pattern and a highly efficient governmental work mechanism.

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