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 issued by MOFTEC, the publication of invitation to bid for quotas and the results, the guidance of the foreign economic and trade work through the influence of public opinion; the coverage of events in international economic and trade field, prices on the market, hot news in the international economic and trade field, the publication of authoritative comments and the outlook of development trend; the latest information on trade opportunities, supply and demand of commodities, international tendering, technology transfer and labor cooperation

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 opening up,the utilization of foreign capital and the strengthening of international economic and technical cooperation, serve the foreign-funded enterprises, Chinese and foreign investors, relevant universities and colleges, scientific research institutions as well as the general reading public both at home and abroad.

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.

 

(weiter....)

 


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