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Customs Announces End of Guaranteed Deposit System for Processing Trade

Companies involved in the processing trade will no longer be required to use the bank guarantee deposit system. With the backing of the State Council, the General Administration of Customs announced the abolition of the requirement as of 1 August 2017. The move is intended to streamline administration within the processing trade, while boosting the development of the sector overall.

For further details (in Chinese), please refer to the following website:

Announcement on Abolishing the Bank Guarantee Deposit Account System for Processing Trade (Joint Announcement of the General Administration of Customs and Ministry of Commerce No. 33 [2017])

Content provided by Picture: HKTDC Research
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