Exchange regulator going to implement import verification trail program
Stated in its circular, the State Administration of Foreign Exchange will start with the trial program on import verification from May 1st at seven provinces as <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Jiangsu, Shandong, Hubei, Inner Mongolia, Fujian, including Tianjin and Qingdao, in purpose of deepening exchange regime reform and enhancing trade facilitating to promote economic growth. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The reform of the verification of import payment is very important for the progress of foreign exchange management, it will greatly help to pay in foreign trade businesses and lessen the cost of the industries and the banks. The details include: discarding of instant verification procedures for normal pay off by qualified firms; giving up on-line check program required from the banks, moreover, all the traders will be listed and the information could be shared country –widely; the traders need not being recorded prior to the business transactions when payments effected elsewhere; off-spot monitoring will be conducted through the “checking system over exchange payment”, etc.
The reform is fully reflecting the innovation and mode transfer of exchange management, first of all the checking on every deal of payment give way to overall control exams; second, procedures required before are quietly simplified at lowered costs; the last, the supervision is effectively enhanced on the firms for regular performance and in preventing risks.
