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China Rolls Out Measures to Ease Import and Export Restrictions

China

By Weida Li

China rolled out measures to further its opening-up policy and boost trade at a Li Keqiang-chaired executive meeting of the State Council in Beijing on Tuesday.

In order to maintain steady growth in both the import and export sectors, China will advance trade facilitation by shortening its customs clearance times, reducing the costs involved and minimising the documents required.

In addition, companies will be able to get customs clearance documents processed online and complete the verification process at ports as of November 1 this year.

Further, a large number of resource products, such as imported minerals, will be able to pass through ports before being verified and there are plans to introduce express channels for agriculture products.

China will also continue to improve its export rebate policies, with the frequency of inspections lowered and export credit insurance coverage expanded.

Moreover, companies are encouraged to diversify their markets and expand the import of raw materials needed by domestic enterprises.

"The growth of foreign trade directly bears on the boosting of economic growth and upgrading domestic consumption. It is important to further improve current policies regarding export tax rebate and financial services," said the country's premier in a statement after the meeting.

Article by Weida Li | Staff editor at GBTIMES - See post previously published by GB Times here.

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