Beijing puts new curb on trade processing
Pti, Beijing
China has announced a new policy that seeks to curb the development of process trade in labour-intensive industries, in a bid to reduce its soaring trade surplus and growing trade friction with major trading partners.The new policy, to take effect on August 23, covers 1,853 products in plastics, furniture and textiles and other labour-intensive industries. Under the new policy, enterprises engaged in the production of the affected products are required to have guarantee deposits in the Bank of China, the designated bank of China Customs, while registering their process trade contracts with the authorities, a statement from the Ministry of Commerce (MOC) and China Customs said. If these enterprises fail to implement such contracts, they would lose their deposits and interest to the customs house, it said.
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