China Saturday published its Provisions on Imports and Exports, by means of a State Council decree, which go into effect on January 1, 2004.

The provisions, which are composed of six chapters and 67 articles, cover the areas of custom duty rates, pricing of post- tax export and import goods, and imposing of custom duties and exports tax.

Xinhua News Agency published a commentator's article on the same day, hailing it as an effort for China to fulfill its promises made for its entry into the World Trade Organization (WTO) , by improving the custom taxation system in accordance with the law.

It is of great significance for the implementation of regularization of the levy and payment of custom duties, securing the revenue from customs tariffs, and safeguarding the rights of tax-payers, the commentator stressed.

China's entry into the WTO has brought about lots of new opportunities and challenges to the country, and, as a result, it has raised new and higher demands on the work of the customs department, the article noted.

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