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This does not mean, however, that reform of China's trade regime should wait. While it is true that trade reform needs other reforms to make it fully effective, it is also true that progress in trade is likely to generate important momentum for reforms in other areas. Moreover, a number of factors relating to both the domestic situation and the international trading environment suggest that the time is indeed ripe for China to embark on a bold program of trade liberalization. Page xxiii Trade reform in China cannot proceed without the further dismantling of the country's trade and investment planning apparatus.
While the growing openness of the Chinese economy has had a perceptible impact on the quality of a range of Chinese products, it is noteworthy that the structure of China's industry hardly changed between 1985 and 1990, despite a nonnegligible degree of import penetration and rising export ratios over the same period. Thus, the respective shares of light and heavy industries in total industrial output remained virtually unchanged at around 47 and 53 percent between 1985 and 1990. Likewise, the share of consumer manufactures (with such heavily export-oriented sectors as clothing, footwear and travel goods) has also stayed remarkably stable at around 8 percent of GVIO.
The mission is grateful to MOFTEC for facilitating its work in Beijing and for helping to make the visits to Shandong and Hubei provinces fruitful. Finally, the mission extends its gratitude to all the officials from the various government agencies, trading companies and enterprises with whom it met. 175 FISCAL YEAR January 1December 31 WEIGHTS AND MEASURES Metric System ACRONYMS AND ABBREVIATIONS ACP African, Caribbean and Pacific (Countries of the Lomé Convention) BESD (World) Bank Economic and Social Database BOC Bank of China CES Constant Elasticity of Substitution CET Constant Elasticity of Transformation CGE Computable General Equilibrium (Model) CCPIT China Council for the Promotion of International Trade CETDC China External Trade and Development Council CNC Computer Numerically Controlled COEs Collectively Owned Enterprises COFERT Commission of Foreign Economic Relations and Trade COMTRADE Commodity Trade (System) DIP de facto import promotion DL/C Domestic Letters of Credit EC European Community EP Export Promotion EPOs Export Promotion Office ERP Effective Rate of Protection ETCs Export Trading Companies ETDZs Economic and Technology Development Zones ETE Export Tax Equivalent FDI Foreign Direct Investment FEACs Foreign Exchange Adjustment (''Swap") Centers FFEs Foreign-Funded Enterprises FIEs Foreign-Invested Enterprises FT Free Trade FTA Free Trade Area FTCs Foreign Trade Corporations GATT General Agreement on Tariffs and Trade GDP Gross Domestic Product GNP Gross National Product GSP Generalized System of Preferences Page xiv GTCs General Trading Companies GVIO Gross Value of Industrial Output HKDTC Hong Kong Trade Development Council HS Harmonized System HTDZ High Technology Development Zone IMF International Monetary Fund IS Import Substitution ISO International Standards Organization ITCs Import Trading Companies JETHRO Japanese Export Trading Organization KOTRA Korea Trade Promotion Corporation LES Linear Expenditure System LTCs Large Trading Companies MFA Multifibre Arrangement MFN Most-Favored-Nation (status) MOFERT Ministry of Foreign Economic Relations & Trade MOFTEC Ministry of Foreign Trade and Economic Cooperation MPS Materials Product System NAFTA North American Free Trade Area NIEs Newly Industrialized Economies NTB Nontariff Barrier OECD Organization for Economic Cooperation and Development PBC People's Bank of China PEP Protected Export Promotion PNEs Production Networks for Exports PTA Phthalic Anhydride QCC Quality Control Circle RAS Richard A Stone (algorithm) RCA Revealed Comparative Advantage REER Real Effective Exchange Rate RMC Resident Mission in China SCEIMO State Council Machinery and Electronics Import Office SCETO State Council Economics and Trade Office SCETC State Council Economic and Trade Commission SAECs State Administration of Exchange Control SEZs Special Economic Zones SITC Standard International Trade Classification SMART Software for Market Analysis and Restrictions on Trade SOEs State-Owned Enterprises SPC State Planning Commission SRC System Reform Commission STDB Singapore Trade Development Board TVEs Township and Village Enterprises UN United Nations UNCTAD United Nations Conference on Trade and Development US United States USSR Union of Socialist Soviet Republics XTB Xiamen International Bank Page xv Executive Summary A Overview Since the launching of the reform program in 1979, the promotion of external trade has been central to China's efforts to modernize its economy.