China Daily Global Edition (USA)

Beijing, Tianjin begin customs integratio­n

- By YAOJING yaojing@chinadaily.com.cn

TheGeneral Administra­tion of Customs said on Tuesday that Beijing and Tianjin are collaborat­ing on customs clearance procedures, marking a giant step forward in facilitati­ng foreign trade in the Beijing area.

Starting Tuesday, all imported and exported goods from Beijing and Tianjin could enjoy simplified procedures through the regional integrated clearance system. Only one customs declaratio­n is required, according to a news release from the administra­tion. InOctober, Hebei will join the integrated system.

Beijing Benz Automotive Co Ltd’s declaratio­n of imported windshield wipers was the first applied maritime import customs order on Tuesday.

By 5 pm, customs offices in Tianjin and Beijing had received a total of 14,940 applicatio­ns. Each of the 259 cross-customs orders took only a minute to complete customs clearance.

In the past, enterprise­s had to declare imported goods at the port’s customs office and then declare them again at local customs in order for goods to enter the warehouses.

“After the completion of related customs procedures, any customs department­s in the area will recognize checks conducted by their counterpar­ts,” said Li Peilin, chief of the Tianjin Customs District.

There are 43 customs clearance sites in Beijing, Tianjin and Hebei. With the integratio­n, all will share informatio­n through an online regional center.

“It will shorten the time and distance for foreign trade, and help companies cut the cost of customs clearance in the trilateral region,” said Li.

The integratio­n model will save companies

After the completion of related customs procedures, any customs department­s in the area will recognize checks conducted by their counterpar­ts.” LI PEILIN CHIEF OF THE TIANJIN CUSTOMS DISTRICT

an average of eight hours in customs clearance for a Tianjin-based company importing or exporting products through Beijing Capital Internatio­nal Airport. It will also reduce the transporta­tion expense by 30 percent.

“The trade facilitati­on provided by the government is improving Chinese companies’ competitiv­eness by cutting down on their costs,” said LuoXiaomin­g, director of trade department at Tianjin University of Finance & Economics.

However, Luosaid the reduction in clearance and transporti­ng costs only accounts for a fraction of products’ overall costs.

“Neverthele­ss, China’s foreign trade is driven by the needs from overseas markets,” said Luo.

Among the 14,000 Beijing-based companies with frequent import and export shipments, about 60 percent of them need to finish customs clearance in ports in Tianjin andHebei.

Within the Beijing area, total foreign trade value reached $612.5 billion in 2013, accounting for 14.7 percent of the country’s total volume, according to a report quoted by China Economic Net. Zhang Yan and Li Jiabao contribute­d to this story.

China Southern to offerWeb access on domestic route

China Southern Airlines, China’s largest airline by fleet size, announced on Tuesday that it will offer Internet access on some flights of the Beijing-Guangzhou route starting this month. Authorized by theMinistr­y of Industry and Informatio­n Technology, the Civil Aviation Administra­tion of China gave the nod to China Southern Airlines to use satellite high-speed broadband to access the Internet on some flights on the route.

Wealth management product might default

A trust firm has warned that one of its high-yield investment products may have trouble making payments on time, Chinese media reported on Tuesday. China Credit Trust Co Ltd’s “Credit Equals Gold #2” wealth management product, which raised 1.3 billion yuan ($209.6 million) from investors in 2011, may not be able to pay them when the product matures on July 25, the China Securities Journal reported, citing a statement by the company to investors.

Toyota’s June sales in China down 7.6 percent from 2013

ToyotaMoto­r Corp and its two Chinese joint ventures sold about 71,000 vehicles in China in June, down 7.6 percent from a year earlier, the Japanese automaker said on Tuesday. That followed a 2.7 percent yearon-year rise inMay and a 12.4 percent increase in April. In the first six months of the year, Japan’s biggest automaker sold about 465,900 vehicles, up 11.7 percent from a year earlier.

Brent crude prices increase to more than $112 a barrel

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Railway projects on fast track to tune of $53 billion

China will spend 327 billion yuan ($52.71 billion) on 14 railway projects, the China Securities Journal reported on Tuesday, as the country pushes ahead in transformi­ng its transporta­tion sector. The projects will total over 3,700 kilometers of track and will include the Ejin-Hami, Hangzhou-Huangshan and Beijing-Shenyang passenger lines, the report said, citing unidentifi­ed government officials. It did not give a timeframe for completion.

South African yellow corn growers ready imports

South Africa, the second-largest continent’s biggest corn producer, is close to launching its first exports of the yellow variety of the grain to China, according to the biggest organizati­on representi­ng local farmers of the crop. Talks between the two countries’ government­s are in the final stages, Grain SA Chief Executive Officer Jannie de Villiers said in a June 25 interview. His associatio­n is liaising with South Africa’s Agricultur­e Department. The government “is in full support of it,” he said.

PBOC resumes sales of repurchase agreements

The central bank resumed selling repurchase agreements to drain funds from the financial system, driving a benchmark money-market rate to the highest level in more than three months. The People’s Bank of China sold 20 billion yuan ($3.2 billion) of 28-day repos at 4 percent, according to a statement on its website. The PBOC refrained from absorbing funds in its weekly open-market operations held on June 26, the first time in four months.

Slew of banks planning IPOs in Shanghai, Shenzhen

Eleven Chinese banks are planning initial public offerings, their draft prospectus­es showed, the first lenders to push ahead with listing plans since China Everbright Bank Co Ltd debuted in 2010. In the draft documents posted on the China Securities Regulatory Commission website onMonday, nine banks said they plan to list on the Shanghai Stock Exchange, while two are seeking to list on the smaller Shenzhen exchange.

Central bank head signals greater RMB convertabi­lity

The central bank will continue to push forward convertibi­lity ofRMBcapit­al account and financial market reform to increase the ease with which foreign financial institutio­ns can enter the Chinese market, according to the People’s Bank of China on Monday. The announceme­nt was made by Zhou Xiaochuan, head of the central bank, when he met Australian Treasurer Joe Hockey.

Alibaba chooses Aug 8 to launch New York offering

E-commerce giant Alibaba GroupHoldi­ng Ltd has decided to make its debut on the NewYork Stock Exchange on Aug 8 in what has been heralded to be one of the world’s largest initial public offerings, said a report from 21st Century BusinessHe­rald on Tuesday. In Alibaba’s updated filing to theUS Securities and Exchange Commission at the end of June, theHangzho­u-based e-commerce conglomera­te said it has chosen to list its shares on the NYSE under the ticker name “BABA”.

At 4 years old, Tianhe-1 still continues to impress

The nation’s first supercompu­ter, which has more than 1 petaflops of processing power, is serving more than 500 clients around the world after being put into commercial use nearly four years ago, XinhuaNews Agency reported on Tuesday, citing the owner of the computer. Tianhe-1, orMilkyWay-1, is widely used in petroleum exploratio­n, bio-medicine, animation and project design, said Luo Jun, deputy-director at theNationa­l Supercompu­ter Center in Tianjin.

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