China to Streamline Import Payment Verification System Dec 1
China's State Administration of Foreign Exchange (SAFE) has announced that China will streamline its import payment verification systems from December 1, 2010 to better facilitate foreign trade.
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In Person-Verification No Longer Required, SAFE Will Handle Verification Info
According to the State Administration of Foreign Exchange (SAFE), enterprises will no longer have to stay at the scene for import payment verification, if they are undertaking "regular business."
Additionally, banks will no longer have to complete enterprises' import payment verification processes. The SAFE will handle import payment verification and share the information so enterprises will not have to complete verification preparation procedures at the SAFE.
Reforms Expected to Boost Trade, Cut Costs
The SAFE stated that the reforms will boost foreign trade and simplify enterprises' import payment procedures while cutting enterprises' costs.
(The SAFE notes that Chinese imports grew 24.1% year on year in September, and its trade surplus in September dropped 15.7%.)
(Press release dated 10/27/10)