New Legal Measures in China Enhance Development and Trade

On Wednesday, China rolled out a comprehensive package of legal and policy initiatives designed to promote quality development and facilitate a high-standard opening to the global economy. Among these new measures is the country's inaugural energy law, which seeks to enhance energy development's quality, safeguard national energy security, and support efforts toward a greener transition in line with carbon neutrality objectives.

In addition to the energy law, a new regulation focusing on network data security management has been introduced. This regulation is intended to govern the processing of data, ensure the protection of the rights of individuals and organizations, and uphold national security as well as public interests.

Furthermore, Wednesday marked a significant reduction in import tariffs affecting a wide range of goods, aimed at encouraging the import of high-quality products while simultaneously stimulating domestic demand. As part of an annual tariff adjustment plan, provisional import tariffs, which are lower than most-favored-nation rates, will now apply to 935 different commodities.

Moreover, the recently signed China-Maldives Free Trade Agreement is set to benefit a substantial portion of China's industrial exports to the Maldives, including items such as ships, electrical devices, furniture, and agricultural produce like vegetables and fruits. In reciprocity, a majority of the Maldives’ seafood exports to China will also be exempt from tariffs, signifying a strong trade partnership between the two nations.