SAFE eases system for payments
Source: Xinhua |
October 28, 2010, Thursday
|
Print Edition
Print Edition
CHINA'S foreign currency regulator yesterday said it will streamline import payment verification systems from December 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 website said.
Banks will no longer have to complete enterprises' import payment verification processes, the statement added.
SAFE will handle import payment verification and share the information so enterprises will not have to complete verification preparation procedures at SAFE, the statement said.
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 to a record US$128.11 billion. China's trade surplus in September dropped 15.7 percent month on month to US$16.88 billion, a five-month low.
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 website said.
Banks will no longer have to complete enterprises' import payment verification processes, the statement added.
SAFE will handle import payment verification and share the information so enterprises will not have to complete verification preparation procedures at SAFE, the statement said.
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 to a record US$128.11 billion. China's trade surplus in September dropped 15.7 percent month on month to US$16.88 billion, a five-month low.
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