On September 14, the Ministry of Commerce (MOFCOM) and relevant authorities released the Foreign Trade Law of the People's Republic of China (Draft Revision for Comment) (the "Draft") for public comments. The solicitation for comments has drawn to a close by now.

The Draft proposes several key revisions: (1) Expanding high-level openness to align with international standards and trade rules; (2) Advancing the transformation of government functions and improving the foreign trade management system; (3) Implementing major reform initiatives and establishing and improving the negative list system for cross-border trade in services; (4) Strengthening policy support to foster innovation and development in foreign trade; and (5) Balancing development and security and enhancing risk prevention and control capabilities. Additionally, the Draft refines the legal liability system and introduces new penalty provisions for relevant violations.

(Source: Ministry of Commerce)