The economic relations of China expanded worldwide and transformed the country into a global leading partner alongside the US. The import and export sectors in China are not only prolific but they develop and high speeds each year. A company in the import and export sectors in China may represent a suitable and prosperous business, and for more details on this matter, you can get in touch with our team of company formation agents in China.
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Imports in China
China has significant trading partners worldwide, like Japan, South Korea, the USA, and the European Union, the latter representing 12% of the total imports, summing up to approximately USD 213 billion. As for Japan, this represents 9.8% of the imports in China. According to statistics, China’s imports summed up to about USD 1,960 billion only in 2016. Among the items imported by China, we mention industrial equipment and electrical machinery. Chemicals, vehicles, and medical and technical equipment are also some of China’s imported items.
If you would like to activate in the import and export sectors in China by establishing a company, you can get in touch with our company incorporation specialists in China and ask for support. They can help you open a WFOE in China, the most popular business structure which addresses to foreign entrepreneurs.
The exports in China
China exports a wide range of products worldwide and has important trading partners like Asian countries (more than 49% of the exports are directed here), valued at approximately USD 1,100 billion only in 2016. The USA, the EU, South Korea, Russia, Japan, and Australia are top Chinese export partners. Crude oil, textiles, furniture, electrical and mechanical products, high-tech items, and footwear are exported products on an international scale.
Import and export conditions in China
The trading sector in China must respect a series of conditions imposed by the Foreign Trade Law, such as:
- the licensing matters for all goods which enter or leave China;
- the quarantine inspection is extremely necessary before entering or leaving China;
- electronics and machinery are subject to a licensing verification in China;
- the import taxes and duties need to be paid before introducing the products on the market.
Interested in a WFOE in China? Wholly Foreign-Owned Enterprise is the right structure for foreign investors interested in developing their portfolio in this country. Among the formalities imposed, we mention the choice and verification of the business name, a registered address, the opening of a bank account, and registration for the payment of taxes. Our specialists can also help you with the business license application, so contact us to benefit from personalized packages and offers.
If you would like to know more about the import and export sectors in China and about how to set up a company in China, please feel free to contact our team of company incorporation consultants in China at any time.