Chinese Legal System essays

Chinese Legal System essays One of the most interesting forces in modern world trade and globalization is China. Indeed, while its presence in the world market is not a recent phenomenon, the globalization effect has necessitated recent changes in Chinas trade system, specifically in the private enterprise sector. In this, the greatest challenge China faces is realizing its goal of encouraging enterprise and trade while at the same time retaining the centuries-old traditions on which the country has historically thrived. China appears to be thriving on several arenas of the global trade paradigm. In terms of imports, the countrys membership in the World Trade Organization since 2003. In the same year, it was listed as the third largest commodities importer. This, along with the countrys willingness to open its policies to create a more friendly environment for foreign traders, has rapidly expanded the countrys total foreign trade volume. However, the country also faces several challenges in terms of its WTO membership commitments. One of these is its non-market economy status. This means that within the first 15 years of its membership, China is obliged to calculate its product prices in reference to other countries, rather than on the basis of its own production costs. This could mean significant losses in the countrys exports. Another challenge is the safeguard mechanism for specific products. This means that any member country could request a consultation with China if one of its export product prices increased dramatically. In terms of its domestic products, China also appears to experience a period of great prosperity. Several factors are responsible for this. These include political, cultural and economic factors that affect domestic product manufacture. A political and cultural factor relates to the improvement of private enterprise climate via offering membership in the Communist Party of China to ...