More Enterprises Engage in Foreign Trade in ShanghaiThis east China metropolis has adjusted its policies to encourage more local enterprises with domestic funding to participate in foreign trade businesses.The municipal foreign trade and economic commission has announced here that enterprises in the Pudong New District are now allowed to operate foreign trade businesses, the only restriction being that they have registered at least three million yuan (about 361,000 US dollars) in capital and have been in operation for more than one year. The new policy permits high-tech enterprises and those manufacturing machinery and electrical equipment, with no less than one million yuan (about 120,000 US dollars) registered capital, to undertake foreign trade businesses. The traditional procedures of examining and approving foreign trade operation rights have also been simplified to improve administrative efficiency. In addition, the commission asked that all the examining and approving procedures should be finished within eight working days. Local enterprises can download application forms from the website www.lbn.trade.sh.cn. It is expected that the new policy will be spread to the whole municipality after China joins the World Trade Organization (WTO), to bring the local foreign trade system more in line with international practice. |
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