CHINA

Nation to Scrap Export Quotas: A Chinese trade official said that starting next year, China will no longer set compulsory export quotas for foreign trade companies, the China Daily said. China also pushed back its target for rejoining the General Agreement on Tariffs and Trade to 1995 from March, 1993. To gain entry in GATT, China will end the compulsory quotas, which often forced foreign trading firms to export even when it was unprofitable for them. China will also gradually reduce its average import tariff level to 15%, as required by GATT for developing countries.