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China Expands Foreign-funded Enterprises' Import/Export Business Management Rights
The Ministry of Foreign Trade and Economic Cooperation (MOFTEC) lately released a circular that for making good preparations for China's WTO entry China will expand the import/export business management rights of foreign-funded enterprises.
Specifically speaking, a foreign-funded enterprise with an annual export worth of over US$ 10 million, and professional personnel engaging in international trade, having no record of law breaking or violation of regulations in taxation, foreign exchange, and import and export for two years in succession, are entitled to deal with purchase and export of non-quota permitted and non-monopolized merchandise and have rights to attend export-quota bidding of their own products.
As for those foreign-funded enterprises, whose parent companies are manufacturers, they are allowed to expand their import business management rights. And matters with regard to import of auxiliary facilities of system integration and test-market products by foreign-funded investment companies should be transacted under MOFTEC's regulations concerned.
Foreign-funded research and development units are also entitled to import and sell a few hi-tech products manufactured by their parent companies.
The said foreign-funded manufacturers, investment companies, research and development units should also apply first for business management alterations to their original departments concerned and put on records to MOFETC every year.
By PD Online staff member Huang Ying
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