All Domestic Enterprises Permitted to Do Import & Export Business, Ministry of Commerce

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Last updated at: (Beijing Time) Wednesday, September 03, 2003

All Domestic Enterprises Permitted to Do Import & Export Business, Ministry of Commerce

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As from September 1 onwards, China began to carry out the unified policy granting all domestic enterprises registered in China the qualification management of import & export business. This means all domestic enterprises are qualified to have the managerial authority for foreign trade.

According to the "Notice on Adjusting the Managerial Standards and Approval of Procedures for Foreign Trade" recently issued by Ministry of Commerce, the registered capital of the enterprises applying for managerial qualification for foreign trade circulation has been reduced to no less than RMB 1 million yuan (in the Middle and West China, no less than RMB 500,000 yuan) from at least RMB 5 million yuan (in the Middle and West China, at least RMB 3 million yuan), canceling the over one year time-limit requirement for the enterprise establishment. The registered capital of those enterprises applying for managerial qualification of self-management in foreign trade has been reduced to no less than 500,000 yuan instead of at least RMB 3 million yuan (in the Middle and West China, at least RMB 2 million yuan) thenceforth.

While releasing the requirement on the registered capital, Ministry of Commerce has delegated the power for examination and registration 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 for 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 sole effective certificate for the enterprise to do import and export business, with which a company can engage in foreign trade freely within the scopes approved by the customs authorities in China and in the ways as governed by the state.

As introduced, this move is implemented in order to fulfill the promises committed at China's entry into the WTO, speed up the construction of a socialist 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 rights of foreign trade and the power to engage in foreign trade.

By PD Online Staff Liu Wei

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