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 GACC Issues Reform Plan to Promote High-Quality Development of Processing Trade
Category:Legislative Updates  
Keywords:industrial chain;  supply chain;  processing trade
Publish Date:11-16-2023
Recently, the General Administration of Customs of the People's Republic of China (GACC) issued the Implementation Plan for the Reform for Sustainable and High-Quality Development of Processing Trade.
The Plan notes that, after the reform, if enterprises find it impossible to complete the formalities for the “exchange of processed products” within an identical check-off period, a consecutive period, upon the approval of the customs, is granted for the enterprises to undergo relevant formalities with the identical account. Eligible enterprises located outside the comprehensive bonded zones are encouraged to implement trial projects for bonded maintenance services of self-made products. A number of maintenance projects will be implemented as part of efforts to support the development of the processing trade. Further, the Plan calls for implementing a plan of “Bonding plus ERP (Enterprise Resource Planning)” to supervise the reform. It requires improving the ecosystem for bonded business and applying information technology in all links of the bonded business, enhancing information exchange and systems interconnection. That is how a digitized and intelligent regulatory system for bonded business can be built.
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