Oil import quota 2020 intact

China pilots relaxed forex management in FTZs

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BEIJING

China has eased administrative approvals regarding foreign exchange (forex) management within its pilot free trade zones (FTZs) on a trial basis amid efforts to further facilitate investment and trade. Four administrative approval items have been canceled, covering issues including forex market access and the registration of import and export entities, according to the State Administration of Foreign Exchange (SAFE). By easing the administrative procedures, SAFE expects to effectively improve approval efficiency and lower costs for market entities.

More efforts will be made to implement the reform on streamlining administration, delegating powers, and improving regulations and services, as well as the reform on separating business licenses from administrative permits, SAFE said. SAFE will review the progress of the pilot program and improve forex management policies and measures accordingly, so as to further boost the liberalization and facilitation of trade and investment.

China will keep the quota for refined oil imports by non-state companies unchanged at 16.2 million tonnes for 2020, according to the Ministry of Commerce (MOC). A statement by the MOC listed the detailed application requirements for the import quota, including the scale of oil storage tanks and bank credit lines. China is one of the world’s largest oil buyers. Customs data showed its imports of refined oil amounted to 27.25 million tonnes in the first 11 months of 2019.

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