Number of documents needed for import-export cut, most to be verified online
July 9, 2019 Category China News Round-up, Weekly
China is further optimizing procedures for import and export, shortening the clearance process, according to Hu Wei, Deputy Director of the General Administration of Customs. The number of documents needed under the import and export regulations has been cut from 86 to 46, out of which 42 can be verified online, Hu said. “By the end of this year, apart from certain confidential documents, all the documents required for imports and exports will be applied and processed online.” The new procedure will be implemented one year earlier than originally planned. As China keeps optimizing its trade structure, foreign trade has been increasing. In the first five months of 2019, the total trade in goods amounted to CNY12.1 trillion, up 4.1% year-on-year. Trade volume at Tianjin port increased 46.5% as the local government improved the business environment at the port.
“According to a report by the World Bank, in 2012, the average time needed for imports and exports in China was nine days and seven days, and it was relatively longer than those in developed countries,” said Pan Helin, Senior Researcher at public policy think tank Pangoal Institution, adding that the longer time needed meant more risk, more uncertainty and higher cost. Improved policies were announced from the Government Work Report in 2017 to the 20 measures to improve the business environment in ports announced in 2018. Bai Ming, Senior Researcher at the Chinese Academy of International Trade and Economic Cooperation, said to encourage companies to explore the international market, a good environment and political support is needed, such as the previous measures on export tax refunds and adjustments in value-added tax, the China Daily reports.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world