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Foreign trade law to be revised

The Standing Committee of the National People's Congress (NPC), China's top legislature, will discuss next Monday amendments to the country's 10-year-old foreign trade law in line with the new situation and demands after China joined the World Trade Organization (WTO) two years ago.

The amendments proposed by the State Council will include "major changes" to the existing foreign trade codes, according to a meeting of the Chairman and Vice-Chairmen of the NPC Standing Committee held here Tuesday.

The week-long legislative session will continue to examine three financial laws key to the reform of China's banking businesses, namely, the draft law on supervision and management of the banking industry, the draft amendments to the central bank law and draft amendments to the commercial bank law.

A treaty with Russia on the transfer of convicted persons and a treaty with Thailand on criminal justice assistance are also pending ratification by the legislature.

Other items listed on the agenda are:

-- Reports by the State Council on the progress of the massive project of diverting water resources from the South to the North of China and future plans, and on new developments relating to China's accession to the WTO two years ago;

-- Draft decision on convening the 2nd Plenum of the 10th NPC in March next year;

-- Report by a law inspection group of the NPC Standing Committee on the implementation of the Rural Land Contract Law across the country; and,

-- Several appointments and removals of official posts.

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