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Integrating trade systems for new development paradigm




Updated: 2022-01-28

The central authorities issued a guideline document, saying China will revise its laws, regulations, rules and norms to promote the establishment of an integrated system of domestic and foreign trade standards.

According to the document, China will actively promote the conversion of standards on domestic and foreign trade so that domestic and foreign market players enjoy the same treatment, and ease the problems domestic enterprises face when shifting from foreign to domestic trade.

An integrated regulatory system will strengthen the domestic demand market and eventually form a unified domestic market that can facilitate its unimpeded circulation.

At the same time, it will enable domestic enterprises to make full use of the "two markets and two resources", lubricate the dual circulation of domestic and international markets, and promote the establishment of China's new development paradigm.

To adopt the same standard for domestic and foreign trade will not only correct the inertia of foreign companies entering the Chinese market with low standards, but also enhance global investors' recognition of its governance system.

Up to now, more than 200 Chinese standards have become international standards. In addition, China has taken the initiative to join more bilateral and multilateral free trade agreements, benchmarking advanced international standards and promoting the integration of domestic and foreign trade rules.

The process of China becoming a global power is also the process of Chinese standards gaining global recognition and China's narratives being enhanced.
At a time when globalization is encountering headwinds and problems arising from the pandemic, China has showed its ability to provide new solutions and set new standards for new globalization, and brought new energy for countries through the Belt and Road Initiative.

The Chinese-style response has not only provided the world with a model that respects the right to life, but also made Chinese masks, ventilators and protective suits the "hard currency" for the world.