Top news of the week:

• China decides to implement online verification for import tariff quota

  January 2, 2023

  Online verification and paperless customs clearance have been implemented for import tariff quotas since January 1, 2023, according to an announcement jointly released by the General Administration of Customs, National Development and Reform Commission, and Ministry of Commerce.

• China lifts registration system for foreign trade authorization

  January 3, 2023

  China’s commercial authorities have canceled registration requirements for businesses engaged in foreign trade activities from December 30, 2022, following a revision of China’s Foreign Trade Law, the Ministry of Commerce said. Market entities will not be required to provide foreign-trade operator registration materials in applying for import and export licenses, registration certificates of technology import and export contracts, quotas, state-owned trade qualifications, and other relevant documents.

• China to further ensure supply and prices of necessities, energy

  January 4, 2023

  China will adopt further measures to ensure sufficient supply and stable prices of essential necessities and energy, to meet the needs of people’s daily use and corporate production, according to the State Council Executive Meeting chaired by Premier Li Keqiang on January 3. The meeting also stressed due preparations to make this year’s Spring Festival a satisfying one for the public.

• Central bank pledges reasonably ample liquidity to support growth

  January 5, 2023

  On January 4, China’s central bank vowed to use varied monetary policy tools to maintain reasonably ample liquidity in 2023. The central bank also aims to ramp up financial support for domestic consumption to accelerate economic growth. Businesses across a spectrum of varied ownership types will be treated fairly, the central bank noted.

• SAFE to safeguard the safety, liquidity, and value of FX reserves asset

  January 6, 2023

  The State Administration of Foreign Exchange (SAFE), China’s forex regulator, held its annual work conference on January 4. The SAFE outlined key tasks for this year, including a steady and orderly push for the opening of the capital account and an improved trial of the integration of local and foreign currency capital pool for multinational companies.