MOFCOM Revokes Low-Price Export Penalty Regs, Adopts Import/Export Licensing Measures
China's Ministry of Commerce reports that as the system of export pre-check and signature was invalid as of May 2008, several regulations on Strengthening Coordination Management on Exported Commodities and the Provisional Regulations on Penalizing Low-Price Export (No.2 Decree of the MOFCOM in 2010) shall be revoked after the deliberation at the 41st ministerial meeting of the MOFCOM on August 16, 2010.
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In addition, the Decision of the Ministry of Commerce on Revising the Administrative Measures for Institutions Issuing Licenses of Import and Export Commodities shall be also deliberated and adopted at the 41st ministerial meeting the MOFCOM and come into effect as of September 12 (No. 3 Decree of the MOFCOM in 2010).