The year 2006 marked the beginning of the national 11th Five-Year Program (2006-10) and celebrated the fifth anniversary of China's entry into the World Trade Organization (WTO). The following are the top ten business events in 2006 listed by the International Business Daily.

The 100th Chinese Export Commodities Fair (Canton Fair) opened on October 15, 2006. The Canton Fair has been held twice a year in the spring and autumn since it was inaugurated in the spring of 1957. The name of the fair will be changed to the Chinese Import and Export Commodities Fair from 2007.

The Ministry of Commerce conducted 13 key projects, including developing village and township markets, encouraging enterprises to invest in Central China, Chinese Brand Promotion, building a modern agricultural products circulation system, establishing silkworm breeding bases in Central and West China and an energy saving project.

The Chinese government made a great effort to crack down on commercial bribery nationwide to promote fair competition. The anti-bribery campaign focused on three major fields, including import and export quotas and license management, allocation of exhibition booths and bidding for key projects.

China had been a WTO member for five years as of October 11, 2006 and had accomplished some remarkable achievements. During the past five years, China fulfilled its WTO commitments and adjusted its foreign trade policy in line with WTO rules. The country's average tariff level decreased from 15.3 percent in 2001 to 9.9 percent in 2005. According to statistics by the World Bank, China's economic growth contributed an average of 13 percent annually to the world economy.

China adjusted the export drawback rates of some exported commodities starting September 15, 2006. Non-metal minerals and non-ferrous metal exporters would no longer receive export drawback. The nation reduced the drawback rate of 142 kinds of steel products from 11 percent to eight percent, but increased that of IT products, bio-technological medicines and high-tech products from 13 percent to 17 percent.

The European Union (EU) began anti-dumping investigations on Chinese shoemakers. The EU imposed temporary anti-dumping tariffs ranging from 4.8 percent to 19.4 percent on Chinese-made shoes starting April 7, 2006. The EU raised the tax rate to 9.7 percent from June 2 and 14.5 percent from July 14. Finally, the EU decided on October 6 to levy a two-year-term duty of 16.5 percent on Chinese shoemakers.

The Ministry of Commerce set down commercial tasks and goals for the 11th Five-Year Program (2006-10). By the end of 2010, China will see a unified and open domestic market, a new foreign trade increase pattern and a highly efficient governmental work mechanism.

The value of yuan, the Chinese currency, rose 3.36 percent against the US dollar last year. The yuan hit a new record high on the last trading day of 2006 with a central parity rate of 7.8087 yuan to US$1.

Foreign trade volume totaled US$1.6 trillion during the first 11 months of 2006, an increase of 24.3 percent year on year, according to China Customs. China realized a trade surplus increase of US$66 billion to US$157 billion. Foreign trade volume was expected to exceed US$1.7 trillion in 2006, up over 20 percent from the previous year. Exports and imports will reach US$960 billion and US$801 billion respectively in 2006. Trade volume between the Chinese mainland and Taiwan broke US$100 billion for the first time.

Chinese steelmakers joined in global iron ore price negotiations in 2006, taking advantage of China's position as the largest iron ore import country in the world. Baosteel Group, China's largest steelmaker, on behalf of more than 100 major steel firms in the country, agreed on a 9.5 percent increase in iron ore prices for 2007 on December 21 with the world's three largest suppliers CVRD and Australia's BHP Billiton and Rio Tinto. The increase came after a 19 percent rise on June 20.