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Extra info for China: foreign trade reform
Further, it is imperative that investment (especially nonplan investment) be allocated in accordance with market signals. One step that should be taken immediately in this context is to substantially raise the minimum level of investment requiring central government approval. Trade policy is an integral part of overall macroeconomic policy. The evidence from other countries is clear about the importance of a real depreciation of the currency for the success of programs of trade liberalization. It is critical that the steps recommended above for unifying the exchange rate and making the currency convertible for all current account transactions be implemented as quickly as possible and certainly before trade liberalization proceeds too far, not least so that the impact of reduced protection on the domestic industrial sector can be moderated through an appropriate depreciation of the exchange rate.
Tariff Revenues and Exemptions 57 Administration and Revenue Raising: Implications of China's Import Duty System 57 Impact of Exemptions on Exports and Economic Performance 60 Conclusions 62 D. Nontariff Barriers to Trade 63 Types, Administration and Coverage 63 The Structure of NTB Protection 66 Conclusions 67 E. Export Controls and Taxes 67 F. Impact of Trade Controls 69 International Price Comparisons 69 Effective Rates of Protection 73 Evidence from Sectoral Analyses 75 Conclusions 78 Endnotes 79 4 Priorities and Perspectives on Reforming China's Trade Regime 80 A.
Of these imports, however, more than half were also subject to canalization and there appears to be some redundancy. 7 percent of China's total imports. 7 percent of total imports. The combined effect of licensing and controls serves primarily to control three groups Page xxi of products: agricultural raw materials subject to domestic price control, critical domestic production such as steel and textiles, and nonessential consumer goods. Export quotas/licenses covered 15 percent of China's exports in 1992.