01 New trend of foreign trade
1/ Central Bank raises forward foreign exchange sales business Foreign exchange risk reserve ratio
To stabilize foreign exchange market expectations, strengthen macro-prudent management , People's Bank of China decides to increase the foreign exchange risk reserve ratio from 0 to 20% from September 28, 2022. This is the first time that the central bank has adjusted the foreign exchange risk reserve ratio in the past two years. Experts said that raising the foreign exchange risk reserve ratio will increase the forward foreign exchange sales cost of banks, reduce the forward foreign exchange purchase demand of enterprises, and thus reduce the spot market foreign exchange purchase demand, which will help balance the supply and demand of the foreign exchange market.
2/ New policy: The period for reimbursement of tax deferral in manufacturing will be extended
In order to further support the development of small and medium-sized enterprises in manufacturing, the State Administration of Taxation and the Ministry of Finance recently jointly issued the "Announcement of the State Administration of Taxation and the Ministry of Finance on Matters Related to the Continued Delay of Payment of Partial Taxes and Fees by the State Administration of Taxation and the Ministry of Finance on Matters Related to the Continued Delay of Payment of Partial Taxes and Fees by Small and Medium-sized Enterprises in Manufacturing Industry" which clearly states that starting from September 1, 2022, medium-sized enterprises in manufacturing that have enjoyed 50% of tax payments and small and micro enterprises in manufacturing that have delayed payment of taxes and fees by 100% will continue to be extended for 4 months after the expiration of the tax payment.
In order to facilitate taxpayers to enjoy this policy, the tax authorities have optimized and upgraded the information system. If small and medium-sized enterprises in the manufacturing industry have enjoyed the policy of delaying tax payment according to regulations, after the delayed payment period expires, no taxpayer needs to operate, and the delayed payment period will be automatically extended for 4 months.
3/ The Ministry of Commerce and seven other departments have set up 8 new market procurement trade methods pilot
Ministry of Commerce, National Development and Reform Commission , the Ministry of Finance and other seven departments have recently jointly issued the "Letter on Accelerating the Pilot Work of Market Procurement Trade Methods", and have set up 8 new pilot tides of market procurement trade methods.
new pilot projects are: Tianjin Wanglanzhuang International Trade City, Hebei Tangshan International Trade Trading Center, Jilin Hunchun Northeast Asia International Commodity City, Heilongjiang Suifenhe Qingyun Market, Jiangxi Jingdezhen Ceramics Trading Market, Chongqing Dazu Longshui Hardware Market, Xinjiang Alashankou Asia-Europe Commodity City, Xinjiang Urumqi Border Hotel Commercial Market.
4/ General Administration of Customs : Adjust the directory of import and export goods that must be inspected
1 General Administration of Customs recently decided to adjust the directory of import and export goods that must be inspected. For 87 10-digit customs commodity numbers involving non-hazardous metal materials and their products, electronics industry processing equipment, dryer equipment and appliances, customs supervision conditions "A" will be cancelled. Customs will no longer conduct imported commodity inspection on related commodities, and will be implemented from October 1, 2022.
5/ Eurasian Economic Union maintains zero tax rate for some important imported goods
Eurasian Economic Union extends the zero tariff and tariff preferential period for some types of important imported goods to March 31, 2023. The extension measures will affect some raw materials: pharmaceutical and chemical products, varnish , dyes, textile and leather processing agents, certain types of adhesives and starch, plastics, rubber and rubber products, some cellulose products, wool raw materials, cotton and linseed , chemical fibers, yarns and fibers.
This list will also include some finished products, such as medicines, medical equipment, laboratory research reagents. These measures will apply to legal relationship that arises from October 1, 2022.
02 Platform New Dynamics
1/ TikTok Shop has reached an official logistics partnership with Ninja Van
Recently, TikTok Shop has appointed Southeast Asian logistics giant Ninja Van as its official logistics partner in Indonesian , Malaysia and Philippines .This technology-based logistics company will extract products from sellers based on orders, classify them in distribution centers, and then deliver them directly to customers.
It is reported that the platform's sales are slowly exceeding e-commerce giants such as Shopee. In addition, the TikTok platform has more than 1 billion monthly active users, and its revenue this year is expected to reach US$12 billion, more than triple the increase from US$4.6 billion last year. TikTok's parent company ByteDance has also decided to buy back $3 billion in stock from investors, which will bring the company's valuation to $300 billion.
2/ FedEx raised the average freight for some services by 6.9%
FedEx announced that in order to cope with the slowdown in global express business, it plans to raise freight from January next year, with an average freight increase of 6.9%. Savings of $2.2 billion to $2.7 billion this fiscal year are expected to be saved by last week by announcing the grounding of some cargo planes, suspending Sunday delivery and closure of some offices.
3/Maersk will provide global logistics to construction equipment giants
Maersk announced a new multi-year logistics partnership with British construction equipment manufacturer JCB. Under the agreement, the company will become JCB's new global leading logistics provider (LLP) and provide end-to-end supply chain management services to manage JCB's designated third-party warehousing providers.
03 Global Market/Big Events
1/ UK: The latest customs clearance declaration system will be started
According to the announcement of the General Administration of Taxation and Customs, the UK will fully use the CDS system to declare from October 1, 2022. The original customs clearance system CHIEF import declaration service will be closed on September 30, 2022, and the export declaration service will be closed on March 31, 2023.
CDS will become the only customs platform in the UK from October 1st, and all enterprises will submit their customs documents more securely in digital ways. Therefore, all importers need to register CDS and start import declaration as soon as possible.
2/ Europe: Euro zone inflation rate hit a new high, up to 10%
Preliminary statistics released by the European Bureau of Statistics show that due to the situation in Ukraine, energy and food prices in the euro zone continued to soar, and the inflation rate in September reached 10% annually, setting a new record high, exceeding market expectations. Among them, energy prices rose by 40.8% year-on-year, which was the main reason for boosting inflation that month.
3/ Africa: SADC enables electronic certificate of origin
Southern African Development Community (SADC) recently announced the launch of electronic proof of origin. In the future, manufacturers and importers and exporters can apply for electronic proof of origin after registering the product, which will reduce the transaction costs of in small and medium-sized enterprises, improve business efficiency, and improve customs certification prices and customs clearance efficiency.
This electronic proof of origin system was developed and built by EU and the German International Cooperation Agency (GIZ). It is an integral part of the SADC trade promotion plan to promote regional economic integration of SADC. In the future, it will combine the African continental Free Trade Area (AfCFTA) and promote the African manufacturing concept.
Note: The Southern African Development Community includes Angola , Botswana , Comoros , Democratic Republic of Congo , Svadian, Lesotho , Madagascar , Malawi , Mauritius , Mozambique , Namibia , Sechelles , South Africa, Tanzania , Zambia and Zimbabwe , etc. The Secretariat is located in Botswana
4/ Baidu priority to use Beidou system
Recently, Baidu Map announced that it had officially switched to Beidou priority positioning, Baidu Map intelligent positioning open service, directly upgraded to Baidu Map Beidou positioning open platform, and the daily positioning volume of Beidou satellite exceeded 100 billion times for the first time.
5/Meituan prepares for outbound business, and the first stop pilot of Hong Kong, China
It is reported that Meituan is preparing for its international business, which is under the responsibility of Qiu Guangyu , and reports to Wang Putongzhong, senior vice president of Meituan and president of the home business group. Meituan is drawing personnel from various departments to support international business, and the technical department has begun to develop multilingual platforms including English, Spanish and Arabic . At present, Meituan’s international business is still in the research stage.
Before officially entering the overseas market, Meituan chose to pilot the takeaway business in Hong Kong, China. At present, it is still under discussion whether the region will pilot the flash sale business, launch an independent app and adopt a new name.
information information is comprehensively compiled from the China Government Network, China Trade News , China Customs, 36Kr , late LatePost, Sina News, Tencent News and other platforms, and is only used for news and information release and exchange, and is not for any commercial purpose.
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