I. Trade Agreements

The Chinese Government has signed governmental trade and payment agreements with governments of many countries. Under the agreements both sides defined the basic principles on trade relations, that is, contracts on import and export commodities shall be negotiated and signed by trade companies of both sides and loans shall be paid in cash, with settling accounts by charging to accounts done for a few isolated countries.

II. Multilateral International Economic Treaties

The Chinese Government has joined many international economic and trade conventions, and recognized and adopted many internationally accepted trade practices, laws and regulations or exemplary methods.

1. Commodity agreements

Since 1980, China has joined a number of international commodity agreements, including the "Agreement on Establishing the Common Fund for Commodities," the "International Textiles Agreement," the "International Natural Rubber Agreement, 1979," the "International Agreement on Jute and Jute Products, 1982," the "International Tropical Timber Agreement" and the "Convention on International Trade in Endangered Species of Wild Fauna and Flora." In January of 1985, China ratified the "Arrangement for Establishing the International Textiles and Clothing Bureau." In November of the same year, it ratified and joined the "Convention Concerning the Protection of the World Cultural and Natural Heritage." Furthermore, it has signed trade agreements with the U.S. and the European Community on trade in textiles, iron and steel and tungsten products.

2. Sales contracts

In 1981, the Chinese Government signed the "United Nations Convention on Contracts for the International Sale of Goods."

3. Financial institutions and treaties

As of 1971, China became a member or a signatory state of a number of international organizations or treaties, such as the Agreement on the International Monetary Fund," the "Agreement on the International Bank for the Construction and Development" and the "Agreement on the International Finance Corporation." In 1980, it joined the "Agreement on Establishing the International Fund for Agricultural Development." In 1985, it signed the "Agreement on Establishing the African Development Bank" and the "Agreement on Establishing the African Development Fund."

4. Customs

In 1978, China signed the "International Convention for the Publication of Customs Tariffs." In July of 1983, it officially joined the "Convention on Establishing the Customs Cooperation Council" and adopted the commodity classification code of the organization. It began to adopt in 1992 the "System for Standardizing Commodity Names and Coding."

5. International transportation

In June of 1958, China joined the "Convention for the Unification of Certain Rules Relating to International Carriage by Air." In October of 1973, it joined the "International Convention on Ships' Load Line, 1996" and its amendment. In 1980, it joined the "International Convention on Civil Liability for Oil Pollution Damage, 1969" and the "International Convention for Safe Containers," and the "International Convention for Preventing Collision at Sea, 1972" and the "United Nations Convention on the Code of Conduct for Liner Conferences."

6. Common practices in international trade

Practices that are commonly adopted in international trade, such as the "General Rules of Notes to Terminology Used in International Trade," the "Warsaw-Oxford Rules, 1932," "Unified Rules for Bills Used in Combined Transport," "Unified Rules for L/C with Reimbursement Clause" and "Unified Rules for Application for Collection," hold a significant position in and have a major impact on China's foreign economic and trade activities.

7. Participating in activities to unify international trade law

Since 1979, China has been engaged in coordinating and unifying trade laws of various countries. In 1983, China became a member country of the United Nations International Trade Law Commission. It has joined a number of governmental international organizations including the International Unified Private Law Association, the Hague International Private Law Conference and the Asia-African Law Consultative Commission. It joined the Chamber of International Commerce in 1994.

With the steady growth of China's foreign trade and economic cooperative relations, the Chinese Government decided on July 10, 1986, to apply for restoring China's status as a signatory state in the General Agreement on Tariff and Trade (GATT). Later, it participated in an all-round way in the Uruguay Round of negotiations and signed the "Final Text" on April 15, 1994.

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