China protects fair, orderly market competition with laws

China stresses the use of laws to safeguard fair and orderly competition among market players, says a white paper titled "The Socialist System of Laws with Chinese Characteristics" issued on Thursday. China had formulated 60 economic laws and a large number of related administrative and local regulations by the end of August 2011, according to the white paper issued by the Information Office of the State Council. These laws include the Anti-Unfair Competition Law, the Price Law and the Anti-Monopoly Law. Moreover, China has carried out reforms to its fiscal, taxation, banking, foreign exchange and investment systems, establishing a macro-management system suited to the market economy, and remarkable achievements have been made in the deregulation of markets within the Chinese economy, the white paper says. The white paper says that China actively discharges its obligations within the framework of the WTO, constantly improves its legal system regarding foreign trade, and has established a foreign trade system suited to the socialist market economy. China's foreign trade has been expanding rapidly, and the ratio of its total export-import volume to the international trade volumes keeps rising. In 2010 the ratio of China's exports in the world's total was 10.4 percent, it says.