China Takes Steps to Boost Exports

China Takes Steps to Boost Exports

China’s efforts to remove trade barriers in a bid to boost exports are already being implemented at key ports.

Inspections and quarantine procedures during customs clearance have now been simplified at the ports of Tianjin, Dalian, Shanghai and Xiamen ports, according to the General Administration of Quality Supervision, Inspection and Quarantine.

In Xiamen, information about cargo is also being shared by customs authorities and port managers via an online platform in a bid to reduce delays. This allows quarantine and inspection arrangements to be completed before the cargo reaches the port.

One bureaucrat said the advance notice system would be rolled out throughout the country in the next three to five years, and the cost of inspections would also gradually be lowered.

Chinese authorities have also announced that in the fourth quarter of this year all quarantine and inspection costs will be borne by the state.

Export tax rebate payments are also being speeded up, and local media has suggested that tax rebates might be increased on certain products to boost exports.

The attempts to improve transaction speeds and reduce costs for traders are being taken as China struggles to reach its annual goal of 10 percent growth in international trade. Trade in the first eight months of the year rose by 6.2 percent compared to a year earlier.

The government has also announced a $150 billion infrastructure investment package to further boost the economy.

Contact Mike King at michael@borderline.eu.com.