After 15 years of negotiation, China was admitted to the World Trade Organisation (WTO) in December 2001. This makes China the 143rd member. China's accession will create a more open and public business environment with tremendous business opportunities for overseas companies to trade in China.

During the last 20 years of its reforms, China has maintained an annual growth rate of 8 percent, by far the highest of any major world economy. China attracts more than 40 billion US dollars annual foreign investment more than any other developing nation. Increasingly multinational corporations look to China as both their sales and sourcing destination for growth.

The Ministry of Foreign Trade and Economic Cooperation (MOFTEC) administrates China's foreign trade.

Previously, foreign trade was operated solely through several hundred state-owned national import & export corporations. The price of commodities was set by the state, and profits and losses of exporting producers were not considered.

This has all changed. Private companies are now granted licence to conduct international business, subject to certain criteria. These businesses run as their own profit centres, and are no longer state subsidised.

For information on trading law and regulations, visit www.moftec.gov.cn, www.chinese-commercial.org.uk

There are various kinds of shows and exhibitions held in China to facilitate business peoples from all over the world to do business with China. The key ones for pharmaceutical, chemical and nutraceutical industry are:

• CPHI
  

  This show is organised by CMP Information of the Netherlands, the Chinese Chamber of Commerce of Medicines & Health Product Importers and Exporters (CCMHPIE) and Sinopharm.

  The first and second shows were held in Shanghai in July 2001 and June 2002 respectively. The next will also be held in Shanghai on 17th - 19th June 2003. Web Site: www.cphi-china.com

• China Export Commodities Fair (CECF)
  

  This traditional trade show is held in Guangzhou (Guangdong Province) since 1956, twice a year during 15th - 26th April and 15th - 26th October. Chinese Suppliers from all industries (including the pharmaceutical, chemical and nutraceutical industry) gather at this show to meet their foreign customers.

  Sponsors: MOFTEC & People's government of Guangdong Province
  Web site: www.cecf.com.cn
  E-mail: cecfhelp@ec.com.cn

• China International Fair for Investment & Trade (CIFIT)
  

  China International Fair for Investment and Trade (CIFIT) is sponsored by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) of the People's Republic of China. It is organized by the Provincial and Municipal governments of the key regions of China. The Fair is held annually since 1997 in Xiamen. The 'International Investment Forum', which is held concurrently with the Fair, discusses issues of foreign investment policies and international investment strategies. According to the organiser, the latest CIFIT was attended by over 5000 professionals from 55 countries.
  

  Sponsor: MOFTEC
  Web site: www.chinafair.org.cn
  E-mail: ciipc5@chinafair.org.cn