Hubei Province into China's First Regions under Pilot Reform, Foreign Exchange P

According to a report on April 30, 2010 from the Hubei Daily of China, procedures and formalities will be greatly simplified as of May 1, 2010 in the payment of foreign exchange for enterprises' imports. It was learned on April 28, 2010 that the State Administration of Foreign Exchange of China would carry out a pilot reform in the verification system on foreign exchange payment for import in seven regions of China, with Hubei Province into the first regions and as the only one in the midland of China.

As learned, after the reform, enterprises will no longer undertake on-site verification for the normal import payment with foreign exchange; web-based verification will be cancelled for banks to handle relevant practice for enterprises; the directory of compliant enterprises will be shared nationwide; foreign exchange payments in different regions will do without being filed in advance with administrations of foreign exchange; and so on.

Some personage from the Administration of Foreign Exchange of Hubei Province says that the reform will ease the burden on related enterprises and banks and speed up the import process of enterprises, thereby promoting the development of foreign-related business.