Circular of the Import and Export Bank of China on Supporting the Export of High-New Technologic Products

Circular of the Import and Export Bank of China on Supporting the Export of High-New Technologic Products

JinChuYinJiFa [1999] No.210September 24, 1999

With a view to implementing the strategy of revitalizing China through science and education, promoting vigorously the improvement of science and technology, strengthening the innovation of the technology, and supporting the exportation of high and new-technology on effort, Circular of the General Office of the State Council Concerning Transmitting the Opinions of the Ministry of Foreign Trade and Economic Cooperation and Other Relevant Departments on Taking Further Measures to Encourage the Expansion of the Exportation (GuoBanFa [1999] No.71) has decided that Import and Export Bank of China will enlarge the business scope of export credit and favorable loans as to include the exportation of high new technology product. Hereby notify the relevant matters as follows:

1.The scope of the high and new technology product that need support shall be decided according to the List of Exports and Imports of High and New technology Product of China (the 2000 edition) jointly formulated by the Ministry of Science and Technology and other relevant ministries.

2.To support the exportation of high and new-technology product shall make full use of seller credits of exports, buyer credits, favorable loans for foreigners, export credit insurance, external guaranty and other ways. Each of them shall be transacted according to the procedures and provisions.

3.The export seller credit interest of high and new-technology product shall be decided according to the Circular on Calculating the Export Seller Credit Interest of the New-technology Product (JinChuYinJiFa [1999] No.205). That is to say the first-grade interest rate (large-scale equipment in whole set and machinery and electrical appliances with high technology) of export seller credit in RMB which is decided by People's Bank of China. The present interest rate is 4.05%.

4.It shall be given a favorable rate of the insurance fee for the high and new technology product that gets the export credit insurance.

5.Departments concerned credit and insurance shall count and report the amount of export high and new technology product that received supports, and shall count the amount of machinery and electrical appliances with high and new technology and other kinds of high and new technology products separately.

The Import and Export Bank of China 1999-09-24