China on Monday publicized a new catalogue for labor-intensive processing industries of 1,853 products, such as plastics, furniture and textiles, which will be subject to customs restrictions from Aug. 23.
Enterprises which are engaged in the production of these products are required to have guarantee deposits in the Bank of China, the designated bank of China Customs, for a contracted period of time, according to the statement jointly released by the Ministry of Commerce (MOC) and China Customs.
If these enterprises fail to sell their products within the time scale dictated by the contracts, the customs will ask the bank to keep their deposits and interest for taxation.
"We are striving to improve the development of China's processing trade in a bid to promote trade balance and reduce trade surplus," said Wei Jianguo, vice minister of commerce.
According to the statement on the ministry's Web site, the move targets highly polluting, highly energy and resource consuming industries in the eastern areas of China.
Source: Xinhua
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