China to Relax Import, Export Management Qualification for Domestic companies

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Last updated at: (Beijing Time) Tuesday, August 26, 2003

China to Relax Import, Export Management Qualification for Domestic companies

China will relax the qualification of import and export management for Chinese-invested companies from Sept. 1, according to the Ministry of Commerce here Monday.

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China will relax the qualification of import and export management for Chinese-invested companies from Sept. 1, according to the Ministry of Commerce here Monday.

A circular issued by the ministry explained that the requirement for registered capital of import and export management will be relaxed from "no less than 5 million (3 million in China'swestern and central regions) RMB yuan" to "no less than one million (500,000 RMB yuan in China's western and central regions) RMB yuan." The requirement that "companies which apply for registration should have been founded for at least one year" has also been canceled.

Registered capital for manufacturing companies who apply to be engaged in import and export management will be reduced from "no less than three million (2 million in China's western and central regions) RMB yuan" to "no less than 500,000 RMB yuan."

The circular said that a unified policy will be carried out forboth state-owned and private enterprises in China.

At the same time, the government will authorize registration of local enterprises who apply to be engaged in import and export management to related provincial departments.

According to the ministry, China has fulfilled its commitments to the World Trade Organization ahead of schedule, and the new policy will play an active role in promoting China's foreign tradeand economy.

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