China's top customs authority has released new data on its Authorized Economic Operator system (OEA), global accreditation that the organization is using to improve foreign trade and strengthen the credit supervision on the country's companies.
The AEO system, initiated by the World Customs Organization, aims to facilitate the clearance of goods by authenticating trading companies with a high level of law enforcement, credit status and security by customs.
New data from the General Administration of Customs (GAC) shows that as of the end of May, 3.236 companies with certification advanced had been identified by the GAC under the OAS system, while the number of discredited companies amounted to 6.788.
A low credit rating can lead to a higher inspection rate, which increases costs for those companies. In 2019, the average inspection rate for companies with advanced certification was 0,57 percent, and that of discredited companies reached 84,76 percent.
China has signed mutual OAS agreements with 42 countries and regions, including Singapore, the Republic of Korea, the European Union, Switzerland and New Zealand, according to the GAC.
The value of China's exports and imports with these countries and regions has accounted for more than half of the country's total trade value.
Source: Xinhua
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