Reform and Opening Up in the New Era: China Trade Policy Review

14 Pages Posted: 7 Jun 2020

See all articles by Changyuan Luo

Changyuan Luo

Fudan University

Yan Zhi

Shanghai Academy of Social Sciences (SASS)

Date Written: December 2019


This paper reviews the major changes in China's trade policies in the last few years. During this period, the adjustment of trade policies has developed in the following ways: first, the establishment of free trade zones, which emphasises the importance of advanced systems rather than preferential policies; second, putting forward the “Belt & Road” Initiative, which indicates China's new stage of development from “bringing in” to “going out”; third, holding import expos, which marks an era when China's foreign trade development has shifted from focusing on exports only to focusing on both exports and imports; fourth, reducing entry barriers of foreign capital, which demonstrates that the policy framework for FDI has gradually changed from a positive list to a negative list; fifth, promoting trade negotiations, which reflects that China has actively participated in bilateral, regional and multilateral trade talks; and finally, building up new experimental fields of reform and opening up, which shows evidence that a new generation of special economic zones is emerging.

Keywords: free trade zone, import expo, negative list, the Belt and Road Initiative

Suggested Citation

Luo, Changyuan and Zhi, Yan, Reform and Opening Up in the New Era: China Trade Policy Review (December 2019). The World Economy, Vol. 42, Issue 12, pp. 3464-3477, 2019, Available at SSRN: or

Yan Zhi

Shanghai Academy of Social Sciences (SASS)


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