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The Main
Publications of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC)
The
Almanac of China's Foreign Economic Relations and Trade The Almanac of Chinese Foreign Economic Relations and Trade is
compiled by the editorial Board of the Almanac under MOFTEC, with top
officials from MOFTEC and the General Customs Administration serving as
the chairman and vice-chairmen of the board. The Almanac started
publication in 1984, and is published once a year in both Chinese and
English editions. It is a unique and specialized almanac in the field of
Chinese foreign trade and economic relations, as it records in details the
major developments in that particular area. The Almanac is comprehensive
and extensive in contents, full and sbstantial in data, and accurate in
statistics. It can be used as a specialized encyclopaedia for government
organizations, enterprises, and academic institutions engaged in the
management, operations or research of foreign trade and economic
cooperation, and has been rated as the most authoritative, instructive and
practical guide for overseas business set-ups and foreign-investment
enterprises in China as well. Editorial Board of
The Almanac of Chinese Foreign Economic
Relations and Trade
Address:28,Donghouxiang, Anwai, Dongcheng District, 100710,
Beijing, China Tel: (010)64246856/64216661--1101 Fax: (010)64212175/64246856
International
Business
is the official newspaper of MOFTEC and an authoritative and
comprehensive newspaper in China's foreign economic and trade field
and also one of china's five financial and economic newspapers with
the largest circulation abroad. The Chinese characters for the name of
the newspaper is the handwriting of Comrade Deng Xiaoping. It was
officially published on April1, 1985 . It is published daily.
The purpose of the
International Business is to
¡°help the world understand China and help China understand the world¡±.
Its main contents are the information on our policies of opening to the
outside world, exclusive publication of the policies, laws and regulations
and the provision of consulting services for import and export,
the utilization of foreign investment and the import of technologies; the
explanation of foreign economic and trade policies, the popularization of
international economic and trade knowledge and the introduction of Chinese
and foreign famous brands and domestic and foreign enterprises.
Address: Building 14, 3rd District, Fang Xing Yuan, Fang Zhuang
Lu, Fang Zhuang, Beijing Postal Code: 100078 Tel: 7628822,7629580 Fax: 7629153,7626875
International
Trade News First
started in 1958,Intemational Trade News is the first business
newspaper in China. It is owned by MOFTEC and published under the
auspices of the Chinese Academy of International Trade & Economic
Cooperation. For over 40 years, it has been the bridge between China
and the world at large, and now it has become the authoritative voice
in foreign trade and economic relations in China. As one of the chief
business newspaper in China, ITN is a good reference source for
policy-makers and decision-makers in the field of foreign trade and
economic cooperation in China.
ITN is characterized by its timely coverage on big events in
world trade and economy, practical business opportunities, invitation to
bid for quotas, the latest trend in global market, the supply and demand
for certain commodities. ITN also reports on the policies, laws and
regulations concerning foreign trade and economic relations, and the
development of foreign trade in different provinces of China.
Different pages are focused on the development in different
industries, including banking and insurance, automobile and machinery,
textile and light industry, food £¦ oil, animal £¦ native produces,
electronic and medical products, mining £¦ chemical products,
transportation and communication, etc.
For two decades, ITN has been publishing about 30 special
supplements annually. Each closely focuses on a special topic or a certain
country or region, or coincides with a foreign senior official's visit to
China. These special supplements provide a comprehensive review and
outlook for the coming months, as well as opportunities for trade and
investments.
ITN is published five days a week, Monday through Friday. The
regular issues are in four pages. The main readership comprises of the
foreign embassies and consulates in China, the offices of foreign
companies in China, trading companies, solely-owned foreign companies,
joint ventures, cooperative ventures, customs, commodity inspection
administration agencies, various government departments, universities and
research institutes.
Address:
28 Donghouxiang,Andingmenwai,Beijing Postal Code: 100710 Tel: (010)64248987 Fax(010)64211398 Website: http://www.itn.com.cn e_mail:
itna@public.bta.net.cn Postal Distribution Code: 1-35 Overseas Code: D796
Gazette
of the Ministry of Foreign Trade and Economic Cooperation was
first published in October 1993 for circulation at home and abroad. The Gazette is the only authoritative and official publication
for the timely promulgation of foreign economic and trade laws and
regulations approved by the state. According to the stipulation of the State Council that ¡° all national foreign economic and
trade laws, regulations and policies, apart from those subject to
legislation or promulgation of the state Council, should be promulgated by
MOFTEC¡±, the Gazette focuses on the promulgation of foreign economic
and trade laws and other related laws adopted by the National People¡¯s
Congress or the standing Committee of the National People¡¯s Congress;
foreign economic and trade regulations and other related regulations
promulgated by the State Council or approved by the State Council;
important rules and regulations formulated by MOFTEC, related legal
documents and major personnel appointments and removals. The Gazette is an
important legal base for conducting foreign economic and trade activities
in China.
Address
of the Editorial Department: 2, Dong Chang An Avenue,
Beijing Postal Code: 100731 Tel(01)5198306,5198346 5198316
The
Bulletin
of the Ministry of Foreign Trade and Economic Cooperation (Chinese-English
Bilingual) was created in 1991 and began to be circulated both at home
and abroad in 1993. There are six issues every year and this bimonthly
is published every other month starting from February.
The Bulletin provides authoritative and official information on
China¡¯s foreign economic relations and trade to readers both at home
and abroad, gives brief introduction to the status quo of china¡¯s
foreign economic and trade development, trend of future development and
policy measures, administration methods and laws, regulations and rules.
It also addresses the topic issues of concern both at home and abroad with
statistics attached. The Bulletin is a reliable source of information to
those who want to follow the development of China¡¯s foreign trade and
economic relations and study its future development and develop economic
and trade relations with China.
Intertrade
is a periodical published by the Institute of International Trade of
MOFTEC. The Chinese edition is in big 16 mo and is published on the 20th
of every month. The English edition of Intertrade is a
bimonthly publication. Intertrade is an indispensable piece of reading for the
knowledge about the world market, China¡¯s opening up to the outside
world and its foreign economic relations and trade. There are nearly 20
columns such as forum, interview, foreign economic relations and trade,
world economy, international trade, finance, laws, investment, market,
study of work and translations of selected foreign articles.
Address of the Magazine Office : 28, Dong Hou Lane, An Ding Men
Wai, Beijing The Circulation Department Postal Code:100710 Tel:4269332 Fax:4212149
International
Economic Cooperation is
a periodical of news, theories and practices. It reports the major
events in international economic and trade practices and the
experience in establishing foreign-funded enterprises, provides
opportunities for establishing foreign-funded enterprises, provides
opportunities for establishing joint ventures and cooperative
enterprises and introduces economic and trade policies, laws and
regulations. It is especially authoritative and instructive in the
fields of transnational operation, international development and
cooperation, policies for industrial development.
International Economic Cooperation is published in Chinese with
abstract in English in Beijing on the 20th of every month.
During the past ten years since its publication at home and abroad, it has
become the kernel publication in the field of foreign economics and trade
and enjoys a wide readership including decision-makers in the Central
Government and managers of enterprises at the grass-roots level. At the
same time the periodical also provides various kinds of related services
to the Chinese and foreign businessmen through the holding of exhibitions
and workshops.
Foreign
Investment in China is
the first large and comprehensive monthly periodical in China devoted
to the report on the utilization of foreign investment and
foreign-funded enterprises in China. Its purposes are to actively
report on the utilization of foreign investment and foreign-funded
enterprises in China. Its purposes are to actively report the
situation and achievements in China¡¯s reform and The periodical endeavors to report to the readers from all walks of life the instructions given by the Chinese leaders concerning
the utilization of foreign investment, the policies and laws and
regulations and related information in this area, authoritative comments,
special economic zones, open cities, open regions, open areas, advanced
enterprises, corporate culture, profiles of entrepreneurs, new products
and technologies, calls from the enterprises and investors and the
discussion of issues. It strives to be instructive, informative, practical,
entertaining and reliable.
Address:
6th floor, South Building 1, Da Ya Bao Lu,
Dong Cheng District, Beijing. Postal Code: 100730 Tel: (86)-010-5231281 Fax:(86)-010-5231281
In addition , there are Issues in International Trade (monthly) ,
China's Jewelry (English bimonthly ), China's Jewelry ( quarterly ) ,
International Food ( bimonthly) , International Trade in Petrochemicals (
semi-monthly ) , Study on International Trade ( bimonthly ) and Fashion (
quarterly ) as well as China's Foreign Economic and Trade press and the
Publishing House of the University of International Business and Economics
of China .
Stick to the policy of opening up in all directions and expanding foreign trade in all forms. We shall speed up the pace of opening to the outside world, fully
utilize the international and domestic markets and these two resources.
Additionally, we will actively participate in international competition
and international economic cooperation, bring into play China's
comparative economic advantage, forge an open economy and make the
domestic economy integrate with and complement the international economy.
We also need to continue to move ahead with the opening drive in the
special economic zones, coastal open cities, coastal open areas and key
cities along borders, rivers and in inland areas, and fully bring into
play the influencing and driving role of the open areas. And we should
speed up the development and opening of areas along major transport lines.
encourage the mid-western areas to expand opening both externally and
internally , accelerate the exploitation and utilization of natural
resources , bring into full play advantages in terms of labor and markets
and promote economic development.We must formulate an overall plan,
operate well economic and technical development zones and bonded areas and
form an all-directional, multi-layered and varied opening pattern. Finally
we must continue to expand the scope of foreign trade and economic
cooperation, promote the development of the trade in services and further
open the domestic market.
China's opening drive is oriented towards the whole world,
including both the developed and the developing countries, under the
guidance of market diversification strategy for foreign trade and economic
cooperation. We are willing to develop the economic and trade relations
with various countries and regions in the world and intensify the
multilateral cooperation with the organizations of the UN development
system as well as other international economic and trade establishments
based on the principle of equality and mutual benefit. As a developing
country with a huge population, China will develop its economy mainly by
relying on its own capital accumulation, domestic resources, domestic
market and the intellectual abilities and creativeness of its own people.
We uphold the principle of independence and self-reliance, but in no way
exclude international division of labor and exchanges. II. Stick to the policy of deepening the reform of the foreign
trade and economic cooperation regime and, with the momentum of the reform,
promote the sustained, rapid and healthy development of the foreign trade
and economic cooperation sector. This reform calls for compliance with the requirements of
establishing the socialist market economic system and adaptability to
international economic and trade norms in the course of establishing an
operating mechanism satisfying globally prevalent economic rules. We must
stick to the reform direction characterized by uniform policies,
liberalized operations, equitable competition, self-responsibility for
profits or losses, combination of industry and trade and pursuit of the
agent system. The State will mainly resort to such economic tools as the
exchange rate,tariff rate, taxation and credit in regulating
foreign-economic activities, bring down the overall tariff level,
appropriately adjust the tariff structure, revamp the import and export
administrative regime to achieve its standardization and scientification,
and bring into play the role of chambers of commerce in coordination,
guidance, and advisory services.
The transformation of the operating mechanisms of foreign trade
and economic enterprises will be speeded up. In accordance with the modern
enterprise system, state-owned foreign trade and economic cooperation
enterprises will be restructured so that they can genuinely become
operating entities which are autonomous in their operations, responsible
for their own profits or losses, self-developing and self-restraining. We
should bring into full play the initiatives of these enterprises and their
staff members, continuously expand import and export trade and foreign
economic and technical cooperation, ensure the preservation and
appreciation of the value of state-owned assets and strengthen these
enterprises.
Qualified foreign trade and economic cooperation enterprises must
gradually be transformed into standardized limited liability companies or
joint stock limited companies. On the basis of equality and mutual benefit,
we will encourage the formation of a group of large industrial-trading
enterprise conglomerates with foreign trade and economic cooperation as
the spearhead and integrating trade with industry, agriculture and
technology or with productive enterprises as the core through investment,
equity participation and etc. It is not permitted to interfere with the
voluntary merger or acquisition between enterprises. We will speed up the endowment of foreign trade right to the
qualified state-owned production enterprises, distributing and retailing
enterprises and scientific research units. We will also deepen the reform
on the system of foreign economic and technical cooperation and improve
the comprehensive operating capabilities and overall benefits. The
management system and modalities of foreign assistance will be reformed.
Corresponding reforms will be conducted on the operating administration
system of other economic and trade activities.
Stick to the principle of equality and mutual benefit and
" Honoring Contracts and Standing by Reputation"
In all foreign trade and economic cooperation activities, China
has always upheld the principle of equality and mutual benefit and made
consistent efforts to respect each other and consult with each other on an
equal footing. We oppose the attachment of any unfair and unreasonable
conditions. We maintain that pricing should be as fair as possible and
beneficial to both parties and that all economic and trade activities must
meet the needs and capabilities of the parties concerned. We oppose any
party to use certain advantages to gain unreasonably huge profits. Trading
terms and conditions, methods of payment, commodity inspection, customs,
transport, insurance and arbitration should follow international norms and
practices. While placing importance on the development of economic and
trade relations with the developed world, China also actively forges
economic and trade ties with the developing world and work with these
developing countries towards the establishment of a new international
economic order. The Chinese government requires all departments,
enterprises and individuals engaged in foreign trade and economic
activities to follow the principle of ¡°Honoring Contracts and Standing
by Reputation¡± and set up sound regulations and rules to ensure the
implementation of this principle.
Stick to the principle of success through quality.
Quality is the pass to the international marketplace and the
lifeline of enterprises. All foreign trade and economic cooperation
activities must center around the idea of quality first in order to attain
a good reputation on international markets. We will choose well-performing
enterprises as designed ones, organize production, perfect quality check
and acceptance system, implement total quality management, improve the
quality of export goods, and realize economic benefits by way of quality
and variety. Projects with foreign investment should comply with the
State's industrial policy, increase the percentage of technologically
advanced and export-oriented enterprises and the ratio of success of these
projects. In contracting overseas engineering projects, it is imperative
to execute the quality standards as stipulated in the contract so as to
foster a bigger number of quality projects; it is also necessary to
enhance training of labor services personnel to improve their quality. It
is also vital to bring into play the international istic spirit and, with
a high sense of responsibility, succeed in every foreign assistance
project so that those projects can generate due economic and social
benefits.
Implement the " Macro Foreign Trade and Economic
Cooperation" Strategy in this sector.
Since the adoption of the reform and opening policy, China's
foreign trade and economic cooperation sector has gradually formed a
multi-channel, multi-layer and multi-modality pattern combining commodity,
technology, capital and labor services . In order to satisfy the needs of
establishing China's socialist market economy, on the basis of the
already- formed foreign trade and economic cooperation pattern , it is an
inevitable trend to carry out the " Macro Foreign Trade and Economic
Cooperation " strategy . To do so, we mean that under the macro
environment of the socialist market economy, we must strenuously advance
the advance the combination of foreign trade, foreign economic cooperation
and foreign investment, promote the alliance of foreign trade and economic
cooperation with agriculture, technology and commerce, embark on the path
of industrialization, conglomeration and globalization. Development of
bilateral economic and trade relations with all countries in the world is
the basis of China's all-directional opening policy and the priority of
China's foreign trade and economic cooperation policy. China adheres to
the principle of combining bilateral economic and trade relations with
multilateral economic and trade relations to tap the international
marketplace in different forms so as to facilitate the sustainable, rapid
and healthy development of China's foreign trade and economic cooperation.
Enhance the uniformity and transparency of policies.
The legislation system for foreign trade and economic cooperation
shall be improved upon and all types of foreign trade and economic
operations should be administered in accordance with laws and regulations.
Foreign trade and economic departments, enterprises and professionals
shall enhance their legal awareness, level of law enforcement and
consciousness of abiding by laws and regulations. A uniform nationwide
foreign trade and economic policy is also necessitated by the objective
requirements of the establishment of a unified domestic market and is in
line with the international norms. In an effort to ensure the uniformity
of China's foreign trade and economic policies, systems, laws and
regulations, except those that should be promulgated by the National
People's Congress and its Standing Committee or the State Council, the
State Council has already authorized the Ministry of Foreign Trade and
Economic Cooperation to publicize, in a unified manner, systems and laws
and regulations concerning foreign trade and economic cooperation and
organize for their implementation. All the foreign trade and economic laws
and regulations, policies and systems and relevant rules, shall be made
public. The previous internal documents shall be sorted out and those
which remain valid shall be published in order to raise transparency.
Foreign Trade Policies.
It is the fundamental policy of China's foreign trade to
maintain a balance between import and export. The export expansion is
aimed at importing the advanced technology and equipment needed in the
economic construction, the materials in short supply domestically and
necessary consumer goods. Under the circumstance of too rapid increase in
import, anemic growth of export and the emergence of trade deficit, we try
to reach a balance through the active export expansion instead of passive
import reduction.
Enterprises are encouraged to constantly raise the quality and
grade of the export products by means of deeper processing. In the
optimization of export composite, the shift from mainly exporting roughly
processed products to finely processed products shall be promoted in a bid
to export more high value-added products. We shall, in accordance with the
trend of international trade development, give full play to the advantages
of labor resources, technical and natural resources, increase marketable
export commodities, and boost the business activities of inward processing.
We shall adopt the policies and measures of export
encouragement. We shall promote export growth and improve the export tax
refunding system to ensure adequate and timely rebate with simplified
procedures and at the same time, to firmly guard against tax fraudulence
through seriously combating law violations .An export commodities
development fund shall be established for a few numbers of commodities
vulnerable to great price fluctuations in international market so as to
offset losses with profits and be self-responsible for profits and losses
in a bid to ensure a steady increase of export and production capabilities.
A credit policy favorable to export development shall be adopted so as to
give priority guarantee for the export loans of various foreign trade
enterprises and to ensure the growth of loan scale match with export
growth. And also a state import and export bank needs to be set up to
provide credit support and risk guarantee for export.
We shall, while increasing foreign exchange earnings through
export to ensure necessary foreign exchange reserves, actively expand
export according to the principle of striking a balance between import and
export. The priorities for import are: the import of important materials
required by national economic development and the import of advanced
technology, equipment and important raw materials in short supply
domestically. We shall protect our infant industries according to
international trade practice and adopt necessary trade safeguard measures;
exercise statutory inspection of some imported goods by using the advanced
inspection facilities and improve the inspection methods so as to
facilitate import and export. Necessary quota and licensing administration
shall be adopted for a few important imported products. China will never
practice trade protectionism and China market will be open to countries
and regions all over the world. Foreign commodities, so long as they are
competitive and conform to China's industrial policy, are blessed with
abundant opportunities to enter China market.
Import and export trade shall be liberalized under macro
control. Joint companies shall be established to exercise unified and
joint transaction over a few especially important commodities which
concern state economy people's inclined to be monopolized in international
markets and which take predominant role in international market, while
other import and export goods shall be liberalized for transaction by
companies with foreign trade rights. Administration commodities subject to
aggregate quantity control shall be exercised in accordance with the
principle of efficiency, impartiality and transparency, with the quotas
subject to bidding, auction or standardized allocation. The Ministry of
Foreign Trade and Economic Cooperation (MOFTEC) is responsible for the
formulation of relevant regulations and the supervision over the
implementation, whereas the specific procedures are to be organized by
import and export chambers of commerce concerned. In meeting with the
requirements of economic system and reforms of foreign trade regime,
import and export trade shall be regulated mainly by economic means while
supplemented by necessary administrative measures, with interest rates,
exchange rates, tariffs and so on as the major leverages.
We shall follow the principle of diversification of trade
practices and methods. Flexible and diversified trade measures and
practices shall be adopted according to different market situation. At the
same time when cash trade is being expanded, we shall also pay heed to the
development of barter trade, entreat trade chartering and leasing trade ,
counter trade , multilateral trade and border trade with other economic
and technological cooperation activities and boost such businesses as
processing with imported materials , processing according to supplied
samples and assembling of imported parts and components.
We shall strengthen the coordinated service mechanism of
foreign trade so as to give a full play to the role of coordinated
guidance and consulting service by the import and export chambers of
commerce in foreign trade activities. The import and export chambers of
commerce are the sectoral self-disciplined organization to exercise
coordination with in the sectors and to offer service for enterprises,
with the major functions as the following: to maintain foreign trade
business order and to safeguard the interests of the member enterprises;
to organize the responding to the anti-dumping cases filed by foreign
countries; to provide information and consulting service for member
enterprises; to refer the requests and opinions of the enterprises to the
government and to put forward proposals to the government for the
formulation of policies; to supervise and guide the enterprises to abide
by laws and regulations in their business activities; to organize the
quota bidding for export commodities within the authorization as conferred
by competent authorities; to inflict economic punishment upon enterprises
who violate the coordinated decisions of the chambers or to offer other
punishment recommendations to the competent authorities. And the
government has granted the chambers of commerce with the rights of
supervision, examination and veto. A social intermediate service system shall be established so as
to give full play to the information service functions of various research
and consulting institutions, various academics and associations. In this
way, a sound, nationwide information service network can be formed. It is
also necessary to set up law firms, accounting and auditing agencies in
order to supply the enterprises with services related to foreign trade and
to exercise social supervision over the operation of the enterprises. Policies Concerning the Absorption of Foreign Capital.
Foreign businessmen are allowed to make investment either in
the form of physical materials such as currencies, machines, raw materials
and transportation tools or in the invisible assets such as industrial
properties or proprietary technologies;
There is no ceiling for the equities held by foreign
businesses in a joint venture and wholly foreign-owned enterprises are
allowed to be established;
Foreign-invested enterprises are permitted to purchase raw
materials and sell their own products directly in the international market.
Enterprises are encouraged to export their products and can also be
allowed to sell the products in domestic market;
Through consultation, either the Chinese or the foreign side
of a Sino-foreign equity joint venture or Sino-foreign cooperative joint
venture can hold the post of chairman. Foreign-invested enterprises are
encouraged to employ local employees and they are also allowed to engage
expatriate technical experts and senior managerial personnel;
Preferential treatments in taxation, land use and provision of
raw materials are offered for foreign-invested export-oriented enterprises
or those with advanced technology;
Foreign businesses are encouraged to channel funds into the
following sectors in accordance with the state industrial policies: (1)
projects of agricultural technology development, transportation, energy
and important raw materials projects in urgent need by the country;(2)
projects which involve the introduction of foreign technologies urgently
needed by the country, which may renovate the functions of the products,
save energy and raw material, reduce pollution, upgrade the products,
explore the international market and expand export;(3)projects involving
new equipments and new materials which may fill the void in the country
and which are marketable; (4) projects of new technologies and equipments
which allow the comprehensive utilization of domestic resources and
recycled resources.
Foreign investment is restricted in the following sectors :
projects which have been developed or to which technologies have been more
than once introduced with the production capacity already satisfying the
demands in the domestic market or the projects simply involving the
assembling with imported parts and components for sales at the home market
; projects involving the production of China's traditional native products
and traditional export products and other projects alike.Foreign
investment is forbidden in the following areas: projects which involve
state security, detrimental to national economy and social development;
projects which harm natural environment.
Preferential taxation treatments are granted to foreign
investment. The main items are as follows:
The National People's Congress, in 1991, adopted the "
Income Tax Law for Enterprises with Foreign Investment and Foreign
Enterprises¡±, and then the State Council enacted the ¡°Detailed Rules
for the Implementation of the Income Tax Law for Enterprises with Foreign
Investment and Foreign Enterprises¡±, which stipulates that the income
tax for enterprises with foreign investment is levied at a rate of 30%,
local income tax at 3%, totally 33%. The income tax on enterprises with
foreign investment established in Special Economic Zones and enterprises
with foreign investment established in Special Economic Zones and
enterprises with foreign investment of a production nature in the Economic
and Technological Development Zones is levied at a reduced rate of
15%.Enterprises with foreign investment of a production nature established
in coastal Economic and Technological Development Zones shall be levied at
a reduced rate of 24%.Enterprises with foreign investment established in
coastal economic open areas, in the old urban districts of cities where
Economic and Technological Development Zones are located or in other
regions designated by the State Council, within the scope of energy,
communication, ports and harbors, wharfs or other projects encouraged by
shall be levied at the reduced rate of 15%.
Any enterprise with foreign investment of a production nature,
scheduled to operate for a period of no less then 10 years shall, from the
year beginning to make profits be exempted from income tax for the first
and second year and allowed a 50% reduction in the third to the fifth
years.
Export-oriented enterprises with foreign investment may, upon the
expiration of the tax exemption and reduction period as provided for In
the Tax Law, further enjoy the 50% reduction the corporate income tax
based on the rate stipulated by the Tax Law, if the value of their export
products of the year exceeds 70% of the total value of products of the
year.
Any foreign investor of the enterprises with foreign investment
who reinvest its share of profit obtained from the enterprise directly
into that enterprise by increasing its capital, or uses the profit as
capital investment to establish other foreign-invested enterprises to
operate for a period of no less than five years shall, upon approval by
the taxation authorities of an application filed by the investor, be
refunded 40% of the income tax already paid on the reinvested portion.
Enterprises with foreign investment shall, to import machinery,
equipment, parts and components and the materials needed for the
establishment of factories, for the installation and fortification of the
machinery and equipments within the total investment value and the added
capital amount; to import machinery, equipments, spare parts and
components and materials directly used in exploration and exploitation for
offshore petroleum cooperative development project and to import parts and
components and materials needed for manufacturing offshore oil exploitaion
machinery and equipments, be exempt from customs duties and value-added
tax levied in the import links.
While energetically attracting direct foreign investment, China is active in utilizing foreign loans. However, the following principles are to be abided by in raising foreign debts: (1) appropriate size, rational structure and adequate growth. Debts should be controlled in such a size that the annual payment of principal plus interests shall not exceed 20% of the foreign exchange earnings through export and commercial credit shall not exceed 20% of the total debt. (2) Utilization of foreign debt should be commensurate with the industrial restructuring.(3) Attention shall be paid to the utilization efficiency of the foreign debts. Rate of investment return(or the comprehensive economic efficiency) shall be higher than the rate of loan repayment. (4) The overall management over foreign debt shall be strengthened. In order to guarantee the repayment, both the central and local authorities shall gradually establish various levels of redemption fund.
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