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Govt. steps up curbs on process trade
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2007年08月13日 01:10 Shenzhen Daily
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THE Chinese Government
will annually revise the list of
“restrained” products in the process
trade sector to establish a
transparent regulatory system
to address its trade imbalance,
said an offi cial with the Ministry
of Commerce (MOC).
It is the second major measure
from the government after it put
labor-intensive, high polluting and
high energy-consuming industries
under restraint in 1999.
The MOC and General Administration
of Customs have issued
a policy to curb the development
of the process trade in laborintensive
industries. The policy,
effective from Aug. 23, will cover
1,853 products in the plastics,
furniture and textiles and other
labor-intensive industries.
The move targets high polluting
and high energy-consuming
industries in eastern
regions. Companies engaged
in the sectors will be required
to lodge guarantee deposits in
Bank of China, while registering
process trade contracts with
the Customs. Traders of listed
products with good Customs
records must deposit equivalent
to half the sum of customs duties
and value-added tax, while
those with records of law violations
must deposit 100 percent.
The deposits plus interest will
be refunded after they prove to
the Customs that they have fulfi
lled the contracts by exporting
qualifi ed fi nished products
before contracted deadlines.
If the fi rms fail to meet contract
requirements, they could
lose their deposits and interest,
according to the MOC.
“Calculated on the current
one-year lending rate, process
traders can afford the deposits
because they would keep just
600 million yuan (US$79 million)
as guarantee deposits while
earning approximately US$30
billion from exports,” said Wang
Qinhua, director of the MOC’s
Department of Electromechanical
Products and Science and
Technology Industry.
Wang said the move would
pressure process trade fi rms to
add more value to their products
and shift process industries from
eastern to central and western
areas where the process trade
volume accounts for merely 2.5
percent of the nation’s total and
the costs of production and labor
are lower.
Meanwhile, it would encourage
large enterprises that maintained
healthy growth to expand
their business to design research
and develop their own products,
Wang said.
An offi cial with the State
Information Center has predicted
that the nation’s trade
surplus will soar 55 percent
year on year to US$275 billion
this year despite the appreciating
yuan and the scrapping
and reduction of export rebates.
Customs data show China’s
processing trade volume in the
fi rst six months this year rose
17.6 percent to US$440.9 billion,
accounting for nearly half of the
country’s imports and exports.
(Xinhua)
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