BEIJING, Dec. 11 (Xinhua) – Bank of Hainan in southern Chinese Hainan Province recently completed the first transaction of the new-type offshore trade for the local company of Yan Kuang Group, valuing 3.75 million U.S. dollars, reported Hainan Daily Thursday.
The transaction marks the first new offshore business in Hainan since introducing the new offshore trade policies by the Hainan Branch of the State Administration of Foreign Exchange (SAFE).
The policy further clarifies the definition of the new type of offshore international trade in terms of offshore resale, entrusting overseas processing, and purchasing goods by third countries, which is a significant step of the Hainan Pilot Free Trade Zone (FTZ) endeavors to promote offshore trade businesses.
Hainan has performed well in promoting the development of new offshore trade this year. As of October 31, Hainan's new offshore international trade balance reached 738 million U.S. dollars, nearly quadrupling the figure at the end of June and about nine times that of the last year's total.
It is noted that new offshore trade refers to a international trade model in which the goods transport and delivery are carried out abroad, but the receipt of oders as well as the settlement of funds are conducted within China.
(Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com)
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