Kunwang Li and Xiaosong Wang
Bin Sheng and Xiaosong Wang
China’s trade policy has evolved through four stages, namely “import substitution and export promotion,” “export promotion and marginal trade liberalization,” “fulfilling commitments and trade policy adjustment,” and “addressing and recovering from the Global Financial Crisis.” There is no doubt that China’s trade policy has been successful and has become a model for other emerging countries to follow. But, in the meantime, unbalanced, inconsistent, and unsustainable development factors persist in China’s foreign trade. China’s trade policy represents the equilibrium of the interactions among various interest groups. China needs a brand new design to implement the overall reform blueprint and roadmap. It should also focus more on behind-the-border measures and regulatory reforms than on border trade measures.