China to Reform Imports' Payment Verification System to Boost Trade

China's foreign currency regulator said it will streamline import payment verification systems from Dec. 1. to better facilitate foreign trade.

Enterprises will no longer have to stay at the scene for import payment verification, if they are undertaking "regular business," a statement on the State Administration of Foreign Exchange (SAFE) website said.

Banks will no longer have to complete enterprises' import payment verification processes, the statement added.

The SAFE will handle import payment verification and share the information so enterprises will not have to complete verification preparation procedures at the SAFE, the statement said.

The reforms will boost foreign trade and simplify enterprises' import payment procedures while cutting enterprises' costs, according to the statement.

Chinese imports grew 24.1 percent year on year in September, hitting a record 128.11 billion U.S. dollars.

China's trade surplus in September dropped 15.7 percent month on month to 16.88 billion U.S. dollars, a five-month low.