Home / News Type Content Tools: Save | Print | E-mail | Most Read | Comment
China Lifts Foreign Trade Restriction for Private Enterprises
Adjust font size:
The Ministry of Foreign Trade and Economic Cooperation (MOFTEC) lately issued a circular, making a new regulation on granting private enterprises import and export autonomy.

The regulation says that China will abolish the original examination and approval system on the qualification for handling import and export business, and in its place will introduce a system of registration and ratification. This change means completely lifting restriction on the accession of private enterprises into the economic and foreign trade field.

The circular regulates that private enterprises each with registered capital not less than 5 million yuan (not less than 3 million yuan in central and western regions) can apply for the right to handle foreign trade business. Enterprises with registered capital not less than 3 million yuan (not less than 2 million yuan in central and western and ethnic minority regions), research institutes, high-tech firms and electromechanical enterprises not less than 1 million yuan) can apply for import and export right. Related departments shall decide whether or not to allow registration within 10 work days after receipt of the application

Prior to this, on January 1, 1999 and January 1, 2000, MOFTEC had twice relaxed controls on approving import and export rights, some 1,000 enterprises had been granted rights to do import and export business. The change made this time as mentioned above is actually tantamount to lifting the restriction on the accession of private enterprises into the economic and foreign trade field.

MOFTEC made the decision at a time when China's export volume witnessed a sharp drop of 26 percentage points in the first half of this year compared with the same period last year.

(People's Daily 08/02/2001)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- MOFTEC: China Has a Long Way to Go
- Boosting Foreign Trade Through Hi-tech Strategy
- Moderate Export Growth Expected This Year
- China Aims to Become a Foreign Trade Power
- Foreign Trade Close to US$200 Billion
- New Controls Set on Export of Chinese Medicines
- China to Relax Trade Controls
- China Moves to Boost Exports
Most Viewed >>
- World's longest sea-spanning bridge to open
- Yao out for season with stress fracture in left foot
- 141 seriously polluting products blacklisted
- China starts excavation for world's first 3G nuclear plant
- 'The China Riddle'
- Irresponsible remarks on Hu Jia case opposed 
- China, US agree to step up constructive,cooperative relations
- 3 dead in south China school killing
- Factory fire kills 15, injures 3 in Shenzhen
- McDonald's turns to feng shui

Product Directory
China Search
Country Search
Hot Buys