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21-577: Its full name since 2007 has been China Import and Export Fair ( 中国进出口商品交易会 ), renamed from Chinese Export Commodities Fair ( 中国出口商品交易会 ). The fair is co-hosted by the Ministry of Commerce of China and the provincial government of Guangdong Province and organized by China Foreign Trade Centre. The National Pavilion (export section) of Canton Fair is sorted into 16 categories of products, which will be exhibited in 51 sections. Over 24,000 of China's best foreign trade corporations (enterprises) take part in

42-583: A national strategy in 2000. After its 2001 entry into the World Trade Organization, China focused on export-led growth and became a major link in global supply chains. Through this process, China developed large trade surpluses and foreign currency reserves. In 1999, the Chinese government began promoting investment abroad through the Go Out policy and Jiang Zemin formally announced it as

63-613: A national strategy in March 2000. The policy was implemented top-down from central government leadership. During Jiang's tenure, the policy greatly expanded China's investment and influence in global South countries, especially those in Africa and Asia. After its entry into the World Trade Organization (WTO) in 2001, China began pursuing export-led growth and became a key link in global supply chains. China formed

84-531: Is a member of the Regional Comprehensive Economic Partnership (RCEP). RCEP is the first trade agreement to include all three of China, Japan, and South Korea. In January 2022, RCEP became the world's largest trade bloc (in economic terms) and continues to be the world's largest as of at least early 2024. China provides foreign aid to advance both foreign trade objectives and foreign policy objectives. Since

105-479: Is responsible for developing strategic national plans in the areas of finance and taxation, drafts the central financing budget, supervises central financial expenditures, and audits the budget and accounts of state capital and the national social insurance fund. MOFCOM is China's most important negotiator in the global governance of intellectual property . MOFCOM additionally has responsibilities on economic relations with Hong Kong, Macau and Taiwan. To that end

126-680: Is the 20th-ranking department of the State Council. The current minister is Wang Wentao . Before October 1949, the Ministry of Economic Affairs was the governing agency of the Republic of China on the mainland responsible for economic trade issues. The agency was created in 1931 and reorganized in 1937. In November 1949, a month after the People's Republic of China was established, the Chinese Communist Party formed

147-560: Is the world's largest exporter, a position it has maintained continuously since 2010. It is the largest trading partner of over 120 countries, as of at least early 2024. As a member of the Regional Comprehensive Economic Partnership (RCEP), China is part of the world's largest trading bloc. China began promoting overseas investment through the Go Out policy, which Jiang Zemin formally announced as

168-541: The National Development and Reform Commission (NDRC) to draft negative lists for foreign investments at the national level and for special economic zones . MOFCOM certifies Chines firms' international contracting business; Chinese contractors performing work abroad must obtain letters from the MOFCOM Economic and Commercial Office at the Chinese embassy in the host country. MOFCOM additionally

189-589: The 2018 creation of the China International Development Cooperation Agency to coordinate aid, China has placed a lesser emphasis on aid to advance foreign trade and a greater emphasis on aid to advance foreign policy. In 2020, China signed major free trade agreements with the European Union as well as fifteen different Asia-Pacific countries. As of at least 2023, China is the world's largest exporter,

210-653: The Ministry of Trade (贸易部) while the MOEA continued to operate in Taiwan and several other islands . In August 1952, the Ministry was renamed to Ministry of Foreign Trade (对外贸易部). Ye Jizhuang was the first Minister and died in the post in 1967. In March 1982, the Ministry of Foreign Trade was merged with the Ministry of Foreign Economic Liaison (对外经济联络部), the State Import and Export Regulation Commission (国家进出口管理委员会), and

231-524: The State Foreign Investment Regulation Commission (国家外国投资管理委员会), and became the Ministry of Foreign Economic Relations and Trade (对外经济贸易部). In March 1993, the Ministry of Foreign Economic Relations and Trade was renamed to the Ministry of Foreign Trade and Economic Cooperation (对外贸易经济合作部). In the spring of 2003, the former Ministry of Foreign Trade and Economic Cooperation went through a reorganization and

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252-682: The Vice Minister An Min , and the previous Financial Secretary of Hong Kong , Antony Leung , concluded the Closer Economic Partnership Arrangement (CEPA). New agreements are continually negotiated between An and the current Financial Secretary John Tsang under the auspices of the CEPA. Similar agreements were also concluded between the MOFCOM and Secretariat for Economy and Finance of Macau . In

273-603: The fair. 23°06′11″N 113°21′27″E  /  23.10306°N 113.35750°E  / 23.10306; 113.35750 Ministry of Commerce of China The Ministry of Commerce ( MOFCOM ) is an executive department of the State Council of the People's Republic of China that is responsible for formulating policy on foreign trade, export and import regulations, foreign direct investments, consumer protection, market competition ( competition regulator ) and negotiating bilateral and multilateral trade agreements. it

294-498: The fair. These include private enterprises, factories, scientific research institutions, wholly foreign-owned enterprises, and foreign trade companies. The fair leans to export trade, though import business is also done here. Apart from the above-mentioned, various types of business activities such as economic and technical cooperation and exchange, commodity inspection, insurance, transportation, advertising, and trade consultation are other activities that are also commonly carried out at

315-589: The first decade after the institution of China's Anti-Monopoly Law (2008–2018), MOFCOM was responsible for regulation of mergers under the law. Other antitrust investigations were handled by the State Administration of Industry and Commerce and the NDRC. During that period, MOFCOM prohibited two mergers and imposed remedies in 36 transactions, all of which involved foreign multinational corporations . The State Administration for Market Regulation

336-549: The former State Economic and Trade Commission and the State Development Planning Commission. In 2018, the ministry lost powers and responsibilities regarding anti-monopoly, intellectual property , counterfeit goods, foreign aid , and some financial products to other departments. Coordinating foreign aid became the responsibility of the newly created China International Development Cooperation Agency (CIDCA). MOFCOM had tended to emphasize

357-777: The global trade surplus increased rapidly after it joined the WTO. The country accumulated large trade surpluses and foreign currency reserves , which greatly increased government resources. In 2016, China joined the Transports Internationaux Routiers Convention ( TIR Convention ), a multilateral treaty reducing administrative boundaries for international transportations of goods in customs-sealed containers. The majority of TIR members also participate in China's Belt and Road Initiative and membership significantly facilitates China's trade. China

378-425: The policy-based insurer Sinosure to support the exports and overseas business of domestic companies. Chinese businesses were encouraged to trade directly with foreign companies (instead of working through SOEs as previously). with the exception of certain state monopoly sectors deemed critical to national security. China's industrious and cheap labor also proved attractive to foreign investments. China's share of

399-465: The use of aid to support foreign trade objectives, whereas CIDCA has increasingly emphasized the use of aid to support foreign policy objectives. MOFCOM continues to have a role in foreign aid through implementing overseas projects and selecting the firms to undertake them. MOFCOM is in charge of the administration of foreign trade and is China's primary foreign trade negotiator. MOFCOM also deals with foreign investment regulation. It works with

420-517: Was created and became China's primary antitrust regulator in 2018. MOFCOM assists in drafting laws and regulations in its relevant policy areas. A ministerial-level MOFCOM vice minister serves as the International Trade Representative, representing China at bilateral and multilateral trade agreements. The Ministry of Commerce is structured into the following departments: Trade policy of China China

441-681: Was renamed Ministry of Commerce. During 2003, the Ministry established Forum Macao in the Macao Special Administrative Region as a multi-lateral mechanism for cooperation between China and the Portuguese-speaking countries. In 2006, the Ministry of Commerce oversaw the program of "ten thousand businesses advance westward" in conjunction with the Hu-Wen administration 's early emphasis on balancing regional development. The ministry also incorporates

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