China to Give One-year Grace Period for CBEC

Takehome:

Internal sources reveal that local CBEC pilot cities have been informed of the approval of a one-year grace period for CBEC retail of imports. Except for the new tax policy, other new requirements, like the positive list and obtaining the Customs Clearance of Entry Commodity will be suspended for a year.

On 20 May, a CBEC industry insider disclosed to media that local governments have gotten the internal notice which states that recent new CBEC policies excluding the new tax policy will be suspended for a year. CBEC commodities could be imported just like before 8 Apr. The relevant authorities such as MOF, AQSIQ and GAC have not released the news yet. Stakeholder should still wait for the official notice with detailes soon. 

CBEC development is in its critical period. A one year transition time means a chance of survival for many CBEC platforms. However, it’s better to make preparation as early as possible to meet pending compliance requirements.