China\u27s Foreign Economic Contract Law: Its Significance and Analysis

Postrevolutionary China did not trade with the West prior to the announcement of its open door policy in 1977, when one-fifth of the world\u27s population joined the mainstream global trading system. Since then, China\u27s trade has increased dramatically, particularly with the United States. China\u27s need for trade regulation and control resulted in the Foreign Economic Contract Law\u27 ( FECL ) in 1985. Through an understanding of the FECL\u27s provisions and East-West trade characteristics, the practitioner may become an effective advisor to clients who trade with China or who are considering doing so