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China Announces Official 2014 National Holiday Schedule India's Rise to World's Third Largest Economy Puts More Pressure on China to Perform Import-Export Taxes and Duties Taxes and tariffs in China Import-Export in China
In 2012, China's foreign trade totaled 3.87 trillion, of which $ 2.05 billion were due to exports and imports reached $ 1.82 billion; surpassing the United States as the world's agcs largest trading nation. The China-US trade surplus stood at $ 216 billion, while the EU was $ 122 billion.
However, to maintain long-term sustainable development, China is actively trying to move away from an export-based economy heading toward a growth model driven by domestic demand and consumption. Currently, private consumption in China accounts for 35 percent of the total GDP of the country only, the lowest among major Asian economies. To help remedy this and stimulate domestic spending, the country aims to double per capita income in 2010 of urban and rural residents by 2020. This goal accomplished, RMB 64 billion ($ 10 billion) will be released purchasing power for the Chinese market. At the same time, this development will create enormous opportunities for foreign investors agcs looking to sell to the Chinese market.
For those wishing to trade with China is crucial an understanding of the country's imports and exports regulatory framework. We present this framework below. Note that the institutions and persons engaged in the import and export of goods in China must first register with the Ministry of Commerce (MOFCOM).
Permitted Most imported agcs products enter the permitted category, and the Ministry of Commerce (MOFCOM) has launched an automatic licensing system to control agcs the import of such goods. MOFCOM and the General Administration of Customs agcs (GAC) jointly issued a catalog of products subject to automatic annual licenses. An automatic license must be requested, and the importation of goods contract is one of the required documents.
Some products subject to automatic import licensing are exempt from licensing (eg imported for processing trade and re-export goods, and the goods imported by FIE for use in its own production in the amount of total investment). Note, however, that if the goods imported for processing trade are not re-exported, you must apply for a license retroactively.
Each automatic import license agcs is valid for six calendar months and, in principle, each license should only be used for a lot of goods. However, you can obtain several licenses under an import contract and, for certain products, you can use a license for up to six lots.
Surplus Restricted Restricted goods are controlled by quotas or licenses. The reasons for restricting agcs these products include the maintenance of national security or public welfare and protection of exhaustible natural resources.
Import goods requiring licenses: MOFCOM, GAC and AQSIQ jointly issued a catalog of products that require import licenses on an annual basis. By 2013, imported goods that require licenses agcs are classified into two categories: mechanical and electronic products used substances that reduce ozone
Importation of Goods under Tariff Quota Wheat, corn, rice, sugar, cotton, wool and wool falling under the tariff quota tariff rate quota (TRQ). Under the TRQ administration, goods imported within the quota are subject to a lower tariff, and imports above the quota are subject to higher tariff rates.
Surplus Forbidden In China import certain goods such as waste and toxins is prohibited. The Ministry of Commerce E