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Guangzhou to Promote Steady Growth in Import and Export

Guangzhou will promote steady growth in trade spanning eight areas including tourist shopping export, commodity imports such as automobiles and diamonds, and increased effort in financial support for new foreign trade formats, according to the Several Opinions of the General Office of Guangzhou Municipal Government on Promoting the Steady Growth of Import and Export issued by the Guangzhou Municipal Commission of Commerce recently.

The directive clearly points out the need for bonded logistics model innovation. In the city’s qualified special customs supervision zones, classified supervision of goods status will be implemented, developing “park within park” business which consolidates foreign and domestic trade; speeding up the software and hardware facilities upgrade of  Guangdong-Hong Kong cross-border warehouse project, exploring the means to carry out delayed international transit of commodities such as timber and plastic; supporting development of bulk imports business in Nansha, expanding the scale of testing and maintenance of bonded goods; supporting aircraft materials bonded business development, expanding the scale of aviation bonded business; building, developing and improving cross-border e-commerce exports and bonded warehousing and logistics systems; implementing policy continuity in medicine imports’ "single drug inspection, multiple clearance” at the Baiyun Airport Comprehensive Bonded Zone, optimising clearance process, increasing the size of imports. Qualified enterprises will be given general taxpayer status in value-added tax based upon fairness in tax burden and risk control. 

The directive clearly states that project funds for steady growth in foreign trade and structure adjustment shall be arranged by the city’s coffers, focusing on support for tourist shopping export, e-commerce export, bonded logistics import and export, expanding imports in advanced technological equipment and raw materials in shortage, and trade finance business of foreign trade enterprises.

The directive calls for further promoting and regulating the development of tourist shopping export and orderly expanding its scale; as well as strengthening risk prevention and control, and improving the access mechanism of pilot enterprises. On imports, the directive seeks to achieve breakthroughs in commodities such as automobiles and diamonds.

Content provided by Picture: HKTDC Research
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