Business law Essay Example | Topics and Well Written Essays - 2750 words - 4

Business law - Essay Example Despite the fact that most of these laws are poorly implemented and enforced, those concerned with international business cooperation and trade are relatively clear and well applied. There is also evidence showing that after the 2003 leadership succession in china, from the third generation to the fourth generation, there was a launch of a new wave of economic legislation to advance the economic reform as well as reforming and building up the legal reforms in the country. The key driving factor to the new economic laws in china is attributed to the requirements of the world trade organization (WTO). Being part of the membership of the WTO, China has an obligation to meet the rules and regulations as stipulated under the penal code of the WTO (ECOVIS 2014). The most pressing rules and regulations that each member of the WTO is obliged to implement are concerned with the governance of trade as well as those related with other economic activities. As a result, its entry into the WTO, Ch ina has since strived to implement its business law to conform to the agreement with the WTO to meet its international obligations. This essay will attempt to critically discuss how China’s accession to the WTO in 2001 has reshaped its legal environment on the business regulation. In preparing to join the WTO, china initiated the overall process of reviewing its existing laws and regulations. Slightly either before the year 2000 ended, most of the administrative measures and the state council or ministries annulled regulations. Right from the time China became the member of the WTO, it has hastened its activities of revising its current laws and regulations. according to available literature reviews, china had by the year 2002 revised 37 administrative regulations and 14 laws, annulled a total of 12 administrative regulations, changed about 1,000 departmental rules and measures, and suspended a total of 34 relevant documents. At the time being, china had to timely adopt