SteelOrbis Shanghai
On December 21, the Ministry of Commerce and the General Administration of Customs of China new catalogue of commodities prohibited from processing trade. Processing trade includes the importation of certain products, their processing and re-exportation.
The catalogue involves steel products of 93 tariff codes. Nevertheless, China's steel products are generally exported by ordinary trade, few by processing trade; therefore, the adjustment does not have much impact on steel industry.
The new catalogue will take effect as from January 21, 2008. Processing trade business approved by departments of commercial administration and registered at relevant customs authorities before January 21, 2008 shall be finished within the valid period of the contract.
The new regulation is also applicable for special supervisory areas such as bonded areas and export processing zones, however enterprises established before release of this announcement are excluded.