The Processing trade has,since 1996,Taken half of the total import and export trade value for a consecutive six years.Despite the impact and influence of the Asian financial crisis,it has maintained a momentum of steady growth.In the five years from 1997 to 2001.import and export value through the processing trade grew at an annual average rate of 10.5 percent,with exports growing at an annual average rate of 11.8 percent.This good growth momentum continued into the first ten months of 2002,when the value of imports and exports grew 24.1 percent,with exports growing 20.6 percent and imports,29.7 percent.1 Rapid growth is expected for 2002 and in the first half of 2003,thanks to a rise in imports through the processing trade and the impact of the processing cycle.It has ,therefore,become an important subject of study in the further opeing up and accelerating of China's economic development to deepen reform of processing trade regulations to keep up with the new situation.
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