China to Reform Import Payment Verification System to Boost Trade (11/04/2010)

Updated: 2010/11/4 9:56:00

China´s foreign currency regulator said on Oct. 27 that it will streamline import payment verification systems from Dec. 1 to better facilitate foreign trade.

Enterprises will no longer have to stay at the scene for import payment verification, if they are undertaking "regular business," a statement on the State Administration of Foreign Exchange (SAFE) website said. Banks will no longer have to complete enterprises´ import payment verification processes, the statement added. The SAFE will handle import payment verification and share the information so enterprises will not have to complete verification preparation procedures at the SAFE.

The reforms will boost foreign trade and simplify enterprises´ import payment procedures while cutting enterprises´ costs, according to the statement. Chinese imports grew 24.1 percent year-on-year in September, hitting a record 128.11 billion U.S. dollars. China´s trade surplus in September dropped 15.7 percent month on month to 16.88 billion U.S. dollars, a five-month low.

Source: China Textile Leader

Authority in Charge: China National Textile and Apparel Council (CNTAC)

Sponsor :China Textile Information Center (CTIC)

ISSN 1003-3025 CN11-1714/TS