Make use of lowering trade barriers in China, says the Chinese government

Sri Lankan exporters and tourism industry must make use of lowering trade barriers in the US$ 13 trillion Chinese economy, says the Chinese government. Sri Lankan exporters and tourism industry must make use of lowering trade barriers in the US$ 13 trillion Chinese economy, says the Chinese government. “There are many opportunities in China after the revised foreign trade laws last year,” said Cheng Feng, third secretary, economic and commercial, Chinese Embassy of Sri Lanka, at the Ceylon Chamber of Commerce on Thursday.

China is aggressively pushing trade with other countries and is lowering duties and cutting government red tape to do so.

In July last year China enforced changes to its regulations on foreign trade allowing individuals to trade with foreigners – previously only legal entities and organizations were allowed to engage in foreign trade.

Getting Chinese government approval for foreign trade was replaced by a simpler registration process.

Chinese duty walls are also coming down under World Trade Organisation (WTO) obligations.

Under the accession agreement to the WTO China must gradually reduce tariffs, eliminate e