U.S.-China Trade: Summary of 2003 World Trade Organization Transitional Review Mechanism for China Page: 18 of 101
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Summary of issues by theme Raised by Raised by China's response
United other WTO
renminbi (RMB) of these currencies, which
constituted the basis for transfers. Given the
stability of the U.S. Dollar's exchange rate
versus the RMB, this rate was generally taken
by SAFE as the basis in the determination of
the exchange rate for other foreign currencies
versus the RMB. In the calculation, the
exchange rate of the currency against the
U.S. Dollar at the time of the transaction
(could be specified by the date) in the
international currency market was taken as
the reference and its rate against RMB could
be determined. Authorities were convinced
that the exchange rate through this approach
was a reliable and WTO-consistent basis for
the calculation of the value of foreign
Availability of information on "relevant
regulations" citing requirements needed
for importer/exporter to request goods to
be released from customs custody.
Information on "sufficient guarantees"
and its legal obligations for Customs to
release goods to importer/exporter.
Provisions in Chinese law for withdrawal of
goods under guarantee, in accordance with
Article 13 of the Agreement, was a basic
custom practice to speed up customs
clearance. As a condition for this provision,
the required guarantee was only requested
when the custom value was difficult to
determine. The guarantee should cover the
ultimate payment of custom duties for which
the goods might be liable. In that spirit, it was
rational for the sum of the guarantee to be
larger than the declared value. Given the
variety of imported goods, determining the
guarantee differed under the specific
Incorporation of Interpretative Notes to Writtena
CVA into Chinese laws and regulations.
Absence of CVA's definition of goods of Writtena
the same class or kind in Decree.
Explanation and application of Decree's Writtena
China's submission on information required under Annex 1A
Availability of "Rules of General Writtena Fulfilling the commitments it made upon
Administration of the People's Republic accession to the WTO and to meet the
of China Regarding Determination on requirement of Article 12 the Customs
Customs Value of Imported and Valuation Agreement, China published the
Exported Goods." Customs Law and the Rules Regarding
Determination on Customs Value of Imported
and Exported Goods. Besides, an official
journal, "Gazette of China Customs" is also to
be established in the near future. Interested
parties may also visit the web site of the
General Administration of Customs of China
for information (http://www.customs.gov.cn).
Legal steps planned to implement Writtena Chinese China committed itself to the full application of
provisions of the WTO Decision on the Taipei - the WTO Agreement on Customs Valuation,
Treatment of Interest Charges in the Writtenb including valuation methodologies set forth in
Customs Value of Imported Goods. Articles 1 through 8 thereof, upon its
GAO-05-209R U.S.-China Trade
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United States. Government Accountability Office. U.S.-China Trade: Summary of 2003 World Trade Organization Transitional Review Mechanism for China, text, January 25, 2005; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc301428/m1/18/: accessed May 23, 2019), University of North Texas Libraries, Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.