China Justice Observer

中司观察

EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

China to Support New Offshore International Trade

Thu, 23 Dec 2021
Categories: China Legal Trends

On 11 Nov. 2021, the People’s Bank of China issued the proposed “Notice Regarding Matters Concerning the Support for the Development of New Offshore International Trader (Draft for Public Comment)” (hereinafter “the Notice”, 关于支持新型离岸国际贸易发展有关问题的通知(征求意见稿)) for public opinions through 26 Nov. 2021.

The Notice claims that the new type of offshore international trade shall have the characteristics that “goods in such transactions do not enter or leave China’s first-line customs territory or will not be counted in the customs statistics”, including but limited to offshore resale, global procurement, entrusted offshore processing, and purchase of foreign goods form the contractor.

Additionally, the Notice instructs banks to conduct due diligence on such transactions and to support new offshore international trade based on the innovative development of the real economy and for the purpose of enhancing the integrity of the industrial supply chain.

 

 

Cover Photo by Jerry Zhang on Unsplash

Contributors: CJO Staff Contributors Team

Save as PDF

You might also like

SPC Publishes Typical Cases on Public Security Crimes

In April 2024, China's Supreme People's Court (SPC) released five typical cases illustrating crimes against public security, emphasizing clarifications on trial criteria and sentencing principles, featuring a case involving serious injuries from objects thrown off a high-rise building.

Beijing Court Upholds Workers' Right to Offline Rest

The Beijing No. 3 Intermediate People's Court ruled that workers are entitled to overtime pay for “invisible overtime work” conducted via social media outside of working hours, protecting their right to “offline rest”.

China Revises State Secrets Protection Law

China’s national legislature, the National People’s Congress, revised the State Secrets Protection Law to enhance information classification, secrecy in technological innovation, and precise protection of state secrets, effective May 1, 2024.