With the rapid growth of China's economy in recent years, China's foreign trade has begun a number of new pragmatic and flexible practices in foreign trade policy, open door policy and foreign trade system.
46){{U}}In the first place, China's foreign trade policy is coupled with China's domestic economic reform program.{{/U}} 47){{U}}Import policy is aimed at acquiring capital that embodies the modern technology needed to develop China's economy.{{/U}} 48){{U}}China's export capability is expanding due to the improvement of the importation of foreign capital, technology and management skills.{{/U}} According to the figures issued by China's Ministry of Foreign Economic Relations and Trade(MOFERT), the total value of imports and exports is increasing steadily.
Next, the rapid growth of China's economy needs "Open Door Policy". The key to this policy is to open China to inflows of foreign technology and foreign investment. Toward this end, the Chinese established "special economic zones" in 1979, where special incentives are being used to attract foreign capital and technology. Four such zones were set up, three in Guangdong Province, and one in Fujian Province. 49){{U}}With the establishment of four special economic zones, "economic and technical development zones" were set up in 14 coastal cities in 1980, and as the next step, the Chinese have announced that they will open up several river delta regions, including the Changjiang River delta and the Pearl River delta.{{/U}}
Thirdly, China's foreign trade system has undergone significant changes in the last few years. Although foreign trade is still carried out by the Foreign Trade Corporation (FTC), supervised by the Ministry of Foreign Economic Relations and Trade, China's industrial departments and provincial and local enterprises have taken a more active role in China's foreign trade. Many of these organizations have established import and export corporations of their own, with the authority to conduct technical and commercial negotiations with foreign firms. Industrial corporations are responsible for their own profits and losses. Certain plants and factories are also permitted to have more contact with foreign firms and authority to negotiate sales contracts by themselves.
50){{U}}The decentralizatoin of China's foreign trade has benefited foreign trade organizations at different levels, cities, provinces and autonomous regions where the foreign trade has therefore been better handled.{{/U}}