Top Line
China has introduced measures to further stabilize foreign trade
The General Office of the State Council recently issued the Opinions on Further Stable Cross-cyclical Regulation of Foreign Trade, proposing 15 policy measures, including strengthening fiscal, tax and financial policy support and further encouraging the development of new forms of foreign trade. Round bike reflectors, 14 pin flat ribbon cable and Ic Socket should be noted.
See this in the full text of the opinion:
http://www.gov.cn/zhengce/content/2022-01/11/content_5667631.htm
Policy
The central bank plans to issue a document to support the cross-border RMB settlement of new forms of foreign trade
In order to support the healthy, sustainable, innovative development of new forms of foreign trade, the People's Bank of China drafted the Notice of the People's Bank of China on Supporting the Cross-border RMB Settlement of New Forms of Foreign Trade (Draft for Comments), and solicited public opinions.
Payment institutions drafted by the People's Bank of China will expand the scope of trade in goods, service trade to current term, allow Banks and payment institutions to cooperate for cross-border electricity new foreign trade market trading subject and individual cross-border transactions under cross-border RMB settlement services, support overseas workers through payment institutions pay return business.
See here for the specific documents:
http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/4442033/index.htm
Cosmetics registrants shall organize the production of cosmetics as required
According to the official website of the State Food and Drug Administration, in order to standardize the quality management of cosmetics production, the State Food and Drug Administration recently announced the "Cosmetics Production Quality Management Code" (hereinafter referred to as the "Code"), which will take effect on July 1,2022.
"Specification" requirements, cosmetics registrant, record, entrusted production enterprise shall be honest self-discipline, in accordance with the requirements of this specification to establish the production quality management system, realize the cosmetics material procurement, production, inspection, storage, sales and recall of the whole process of control and traceability, to ensure the sustained and stable production of cosmetics meet the requirements of quality and safety.
The Code contains 9 chapters and 67 articles, including general provisions, institutions and personnel, quality assurance and control, plant facilities and equipment management, material and product management, production process management, entrusted production management, product sales management and supplementary provisions, etc.
See here for the original announcement:
https://www.nmpa.gov.cn/xxgk/ggtg/qtggtg/20220107101645162.html
Anti-dumping
South Korea imposes an anti-dumping tax on polyester full-stretch wires
On January 6,2022, the Ministry of Finance issued Announcement No.2022-22. In accordance with the Order 888 of the Ministry of Finance, an anti-dumping tax was officially imposed on Polyester Filament Fully Drawn Yarn (FDY) from China. The measures will take effect from January 6,2022 and are valid for 5 years.
For tax rate queries, please see them here:
https://cacs.mofcom.gov.cn/cacscms/article/ckys?articleId=171865&type=1
India terminates anti-dumping measures for some products
India's Ministry of Commerce and Industry recently announced that it has decided not to impose anti-dumping sunset review on alloy or non-alloy hot rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia on anti-dumping duties.
Vietnam
Prices of refrigerated shipping containers rose 3-to 4-fold
Ruan Kehui, manager of Vietnam Huangfa Fruit Company on the morning of January 6, said that border ports exported to China were crowded and many companies turned to shipping, but freight was rising 3-4 times due to the lack of refrigerated containers.
Fan Yucheng, deputy general manager of Neusoft Food Export Co. (DOVECO), said that export integration from land to sea is causing a "black market trade for refrigerated containers" due to a shortage of refrigerated containers.This has driven a surge in the price of refrigerated containers.Shipping fees have also risen, putting a lot of pressure on companies.
For example, if the cost of shipping a refrigerated container was only 30-40 million Vietnamese shields, it has now increased to 200 million Vietnamese shields, coupled with the high cost of refrigerated containers increased the export cost of enterprises many times, causing profits.
Eurasian Economic Union
Export export of timber is prohibited
The Eurasian Economic Commission issued a ban on the export of partially unprocessed, rough processed timber and wages, and decided to implement uniform non-tariff adjustment measures for timber with customs codes 4401,4403 and 4407, with a timber export quota of zero.The decision will take effect after 30 days from the date of publication.
Members of the Eurasian Economic Union include Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
"Circle of Friends"
China and the GCC will establish a China Shipping free trade zone
On January 11, China held talks with the Gulf Arab State Cooperation Commission. The two sides agreed to complete the negotiations on the China Shipping Free Trade Agreement as soon as possible, establish the China Shipping Free trade Zone, enhance trade liberalization and facilitation, and comprehensively promote the economic and trade interests of both sides.
The Gulf Arab State Cooperation Council is the main political and economic organization in the Gulf region, hereinafter known as the Gulf Cooperation Council or the GCC. Its full members are the United Arab Emirates, the Sultanate of Oman, the Kingdom of Bahrain, the State of Qatar, Kuwait, and the Kingdom of Saudi Arabia
Britain
Online shopping hit a new high in Christmas season 2021
Thrasio, a survey of the behavior and consumption patterns of 2,000 British consumers, found that the number of people shopping online for Christmas in 2021 was higher than before, with 48 percent buying Christmas goods online (40% in 2019), and more than half (51%) of those aged 35 to 44.
The most significant increase in online shopping was among the oldest and youngest ages, with 42% of consumers aged 18 to 24 doing online shopping (34% in 2019) and 41% of respondents over 65 (33% in 2019).Overall, 16% of respondents bought 70% of the products they needed online.
early warning
Emerging economies need to prepare ahead of time for U. S. monetary policy risks
The International Monetary Fund (IMF) warned on January 10 that the US Federal Reserve should tighten monetary policy faster and could cause capital outflows and currency depreciation in emerging economies, which should be prepared in advance.
It is worth noting that foreign trade people that when the importing currency suddenly depreciate sharply, the import cost will rise sharply, and importers who suffer losses may violate business ethics.
In 2021, the worst performing currencies in emerging markets include Turkish Lila, South African Rand and others.
Post time: Jan-14-2022