GAC releases new measures to maintain market stability – China Daily

Anil Panchal FXStreet

In order to ensure sufficient industrial material supplies and maintain market stability in China, the General Administration of Customs (GAC) released new measures on Sunday. The key among them is a push to speeding up the inspection of imported manufacturing equipment and simplifying the quarantine approval procedures for foreign medical goods.

Key quotes

The move is aimed to mitigate the impact caused by the novel coronavirus outbreak, as well as help businesses resume production and improve the country's foreign trade conditions, the GAC said in a statement.

The statement said companies that need to send goods to laboratories for testing can rely on third-party certification, test reports or enterprise quality and safety self-declaration to gain the green light for quick customs inspection and release. It will further cut the proportion and time for lab testing.

The GAC supports the increase in agricultural products and food imports.

They also will establish green channels for farm products and foodstuff imports at key ports, and provide 24-hour advance clearance service.

The GAC also will allow customs branches across the country to directly inspect and release goods for certain imported medical items, such as vaccines, blood products and reagents for the purpose of epidemic control and prevention as soon as possible, as a precondition of controllable risks.

FX implications

While coronavirus headlines are a hot topic nowadays, news like this fails to placate the risk-off. To portray this, USD/JPY remains on the back foot around 109.80 amid the initial Asian trading session on Monday.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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