In 2001, laws and regulations in close connection with China's entry into the World Trade Organization experienced modification and establishment. On the basis of perfection of Law of the PRC on Sino-Foreign Contractual Joint Ventures, Law of PRC on Wholly Foreign Enterprises, and Patent Law, modification was made on the Law of the PRC on Sino-Foreign Equity Joint Ventures, Trademark Law of the PRC and Copyright Law of the PRC. The State Council released Decision on Canceling Partial Administrative Regulations Before the End of 2000, made thorough liquidation of 756 administrative regulations existing from the founding of the People's Republic of China to late 2000, and abolished 442 administrative regulations. The General Office of the State Council declared a suspension of the implementation of 34 documents of the State Council and the General Office of the State Council. According to the requirements of Circular on Fulfilling Establishment, Modification and Abolishment of Departmental Regulations to Meet the Demand of China's Entry into the WTO, each related departments made liquidation and abolishment of regulations and documents that proved incompatible with the WTO rules. In an attempt to meet the needs of the WTO entry, the State Council worked out a packet of foreign-related administrative regulations on trade, finance and information management; and released Regulations on Commodity Import and Export Management, Regulations on Management of Technical Import and Export, Anti-Dumping Regulations, Anti-Countervailing Regulations, Regulations on Management of Foreign-Invested Insurance Companies, Regulations on Management of Foreign-invested Financial Institutions, Regulations on Management of Foreign-invested Telecommunication Enterprises, Regulations of the People's Republic of China on International Maritime Transportation, and Regulations on Guarantee Measures.

The Industrial Catalogue Guiding Foreign Investment was amended to further expand foreign investment scope. Foreign investments were allowed to enter finance, trade, information, consultancy, education fields, etc, thus further broadening investment and operation conditions and investment manners.

Tariff saw continuous large decrease. The management scope of import and export licenses was narrowed down. From January 1, 2001, the average tariff level was further cut down to 15.5 percent. The amount of commodities subject to management of import and export certificates was reduced at a large rate; the imported saw reduction from 53 kinds in 1992 to 35 kinds at present and the exported from 138 kinds in 1992 to 50 at present. Meanwhile the marketization allocation mechanism was introduced into the management of import and export license quota.

Restrictions on foreign trade access of non-public ownership economy were canceled. On the basis of broadening restrictions on import and export operation qualification for individual-run enterprises, all administrative examination and approval on import and export operation qualification were canceled; and registration and approval system was introduced. It suggested that restrictions on foreign trade access were canceled for non-public ownership economy.

Export credit insurance operations were standardized and export insurance system was in harmonious arrangement. The State Council made a decision to construct China Export Credit Insurance Co. Ltd, which would specialize in export credit insurance transaction in line with State policies, provide enterprises with guarantee of foreign exchange risks, and further support export of goods, techniques and services.