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The year 2002 witnessed China's implementation of its promises made in December 2001 when China formally became a member of the World Trade Organization.  In the field of goods trade, import tariffs were drastically reduced and varied non-tariff measures canceled. In the field of service trade, new laws and regulations on foreign financing were introduced, and many practical actions were taken to open the service market. In the area of intellectual property rights concerned with trade, legislation enacted by China has brought the country into line with the requirements of the WTO. In investment, China completed an amendment of basic laws on direct foreign investment as well as detailed rules on their implementation, and revised and issued a new Guiding Industries Directory for Foreign Investment. To fulfill its promises, the Chinese government reviewed some 2,300 laws and regulations concerned with foreign economic cooperation and trade. The central and local governments are working hard to reform administrative procedures and to accelerate operational changes of government according to WTO standards.