The first group of pilot entities for the facilitation of trade and foreign exchange revenue and expenditure in Baotou were recently established. They include the Baotou Branch of Industrial Bank, Baotou Branch of Industrial and Commercial Bank of China, and Baogang Group International Economic and Trade Co.

On Dec 1, the Baotou Branch of Industrial Bank handled the first facilitation pilot business for an enterprise, amounting to $780,000.

The measure is intended to help develop the real economy and further enhance trade facilitation.

According to the policy, if the interval between payment dates is more than 180 days or the full amount cannot be returned due to special circumstances, the foreign exchange refund business can be handled directly in the bank without going through the registration procedures at the local foreign exchange bureau.

In addition, the foreign exchange payment for goods trade is exempted from import declaration. If banks can confirm that the payments of pilot enterprises are true and legal, the electronic information verification of import declaration can be exempted.

Next, Baotou will continue to expand the benefits of the pilot policy and further facilitate trade facilitation and high-level opening up within its jurisdiction.