Chinese Trading Practices

In 2000, China spent US 225 billion importing products from aircraft to food in order to meet the growing demand of its domestic market. China is one of the world s largest importers of chemicals and chemical products. Suppliers from the USA, Japan, Taiwan, South Korea and countries of the European Community with saturated demand in their own countries are looking for new markets for their exports. Purchases 

86 Plastics China Technologies, Markets and Growth Strategies to 2008 

Documentation prepared for the Chinese customs by importers includes an invoice, a sales contract, a bill of lading, a shipping list, an insurance policy, an inspection certificate and a customs declaration form. For the import items that require a licence or a quota certificate, importers must apply to the Ministry of Foreign Trade. The Letter of Credit is a standard payment method used by Chinese importers for international transactions. The Bank of China has branches in major countries and can issue letters of credit for Chinese importers. The China Import and Export Bank finances foreign trade and has adopted international ISO standards. 

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