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3 Enacting Laws for Market Economic Development

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Chapter Summary

Economic law has been developing rapidly with the pace of developments in economic reform. The concept of economic law is very broad, including various laws and regulations which are designed to govern economic or related activities. Local legislation plays an active role in economic legislation and covers three areas: (a) implementing central laws and central administrative decrees/ regulations within its jurisdiction regulations within its jurisdiction; (b) governing local affairs, such as the regulations banning and restricting the lighting of fireworks; and (c) initiating new laws for experimental implementation. Among all new economic laws and regulations, one regulation that is particularly meaningful for international trade is the Decision on Certain Issues of Handling Administrative Cases of International Trade issued by the Supreme Court in August 2002. It has introduced the principles of national treatment and reciprocity.

Keywords: economic legislation; market economic development



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