Ministry of Commerce: All Domestic Can Do Import & Export Business

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Last updated at: (Beijing Time) Tuesday, September 02, 2003

Ministry of Commerce: All Domestic Can Do Import & Export Business

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China has carried out the unified policy in the import & export qualification management of all domestic enterprises registered in China as from September 1, which means all domestic enterprises will qualified with the managerial authority of foreign trade.

According to the "Notice about the adjustments of the managerial standards and examination program of foreign trade" issued by Ministry of Commerce recently, the registered capital of the enterprises applying for the managerial qualification of foreign circulation has reduced to at least RMB 1 million yuan (in the Middle and West China, at least RMB 500,000 yuan) from at least RMB 5 million yuan (in the Middle and West China, at least RMB 3 million yuan), and the registered capital of those applying for the managerial qualification of the self-run management qualification has reduced to at least 500,000 yuan instead of at least RMB 3 million yuan (in the Middle and West China, at least RMB 2 million yuan) as from September 1

While relaxing the requirement on the registered capital, Ministry of Commerce has delegated the power of examination and register to local governments. The managerial departments in each province, autonomous region, municipality and the city with separate economic plan are authorized to examine and register the managerial authority of foreign trade, approving and issuing the "Certificate of Approval for Enterprises with Foreign Trade Rights In the People's Republic Of China". The certificate is the only effective voucher for a enterprise's import and export business, with which a company can engage in foreign trade freely within the scopes approved the authority in China and in the ways ruled by the nation.

As introduced, this move is implemented in order to fulfill the promises of China's entry to WTO, speed the construction of socialism market economy system and promote the foreign trade. According to the promises made by the Chinese Government, all domestic enterprises will be authorized with the right of foreign trade and the power to engage in foreign trade.

By PD Online Staff Liu Wei

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