Tag: china


Guizhou, China, Launches Blockchain-powered Int’l Trading Platform

Guizhou, China, Launches Blockchain-powered Int’l Trading Platform

July 30, 2020 Another Chinese province reported that it is about to launch a blockchain-powered cross-border financial service platform. Per Haiwainet, Guizhou Province, in China’s mountainous southwest, will launch the initiative this month. The province’s foreign exchange administrator is the platform’s mastermind. The administrator stated that it has been working on the project with the Guizhou branches of state-owned banking giants, including policy bank the Export-Import Bank of China. The...

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Chinese ports reach capacity as COVID-19 tests slow work

Chinese ports reach capacity as COVID-19 tests slow work

20 July 2020 New requirements that food imports be tested for COVID-19 is pushing major Chinese ports to their limit. Reuters reports that major shippers have warned customers of additional fees and possible diversions to other ports as the measures persist. China stepped up inspections of imported food last month after an outbreak of the coronavirus among people working at and visiting a major food market in Beijing. “Import container...

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China: Customs to crack the whip with rogue exporters

China has warned of stringent action against manufacturers who export defective and counterfeit medical products, including confiscation of the illegal income and punishment, to ensure the overall quality of its foreign trade, the General Administration of Customs said on Monday. The GAC will impose fines of more than 50 percent but less than three times the value of the goods on exporters who violate the rules, the administration said...

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Economic Watch: Trade recovers on China-Vietnam border

NANNING, March 18 (Xinhua) — Hundreds of flat-bed and container trucks queued along a border bridge in Dongxing, a city in south China’s Guangxi Zhuang Autonomous Region, waiting for customs clearance, a scene that signifies the recovery of trade on the China-Vietnam border from the COVID-19 epidemic. Pham Van Tan, a 31-year-old Vietnamese, was driving a truck loaded with about 20 tonnes of dragon fruit produced in Vietnam’s Da...

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Japan’s export control to further strain Korean economy

The Korean Times July 5, 2019 By Lee Kyung-min  Japan’s export control of key materials needed to produce semiconductors and displays will deal a significant blow to Asia’s fourth-largest economy, economists said Friday.  “Given that semiconductors account for about 6 percent of the country’s GDP, a 10 percent drop in the export volume could lead to a 0.6-percentage-point drop in the growth rate,” KB Securities Chief Economist Chang Jae-chul...

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China rolls out measures to facilitate customs clearance

Li Xia BEIJING, July 3 (Xinhua) — China has adopted 10 concrete measures to streamline customs clearance by cutting time and improving work efficiency, according to the General Administration of Customs Wednesday. Those measures are mainly targeted at further simplifying documentations, optimizing clearance processes to raise efficiency, enhancing port informatization and lowering port charges, said Hu Wei, vice minister of the administration. At present, the number of documents required...

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Non-tariff barriers hurdle for Asean community targets

The Business Times July 1, 2019 WITHOUT a stronger focus on tackling non-tariff barriers, Asean will not accomplish the objectives of the Asean Economic Community (AEC) and will fail to meet the targets in the AEC Blueprint 2025, warns a June 22 report. Jointly commissioned by the European Union-Asean Business Council (EU-ABC) and the Asean Business Advisory Council (Asean BAC), the report examines non-tariff barriers in the region’s automotive,...

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Cambodia launches National Single Window

Chea Vannak / Khmer Tim July 1, 2019 Aun Pornmoniroth, The Ministry of Economy and Finance of the Cambodia last week launched the National Single Window (NSW) aiming to facilitate import and export activities. According to a statement dated June 25, NSW is a facility that allows parties involved in trade and transport to lodge standardised information and documents with a single entry point to fulfill all import, export,...

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Israel, Hong Kong Agree to Ease Export-Import Process

Omri Milman June 30, 2019 Israel has signed a new agreement with Hong Kong, intended to ease customs clearance regulations for export and import between the two. The agreement was signed during the weekend at an annual event of the World Customs Organization in Brussels. According to the agreement, authorized economic operators (AEOs)—goods movers approved by a national customs administration—on both sides will receive various benefits and exemptions at...

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New face of Ukrainian customs

Anna Bredikhina June 29, 2019 The new customs chief has been appointed. It’s former first deputy minister of economic development and trade, Maksym Nefyodov. A young official with a reputation of a reformer announced large-scale changes to turn customs into a European-style body without corruption and with full digitalization of control routine. Revolutionary changes are underway in Ukraine’s customs service. In the last days of June, after a long...

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