June 02, 2017

Quarantine authorities promotes credit rating in FTZ

Shanghai Exit-Entry Inspection and Quarantine Bureau has carried out the credit rating system to improve supervision efficiency on import and export companies and 35 companies in the Shanghai Free Trade Zone have received the AA level so far, the top rating in the system.

The 35 companies represented for more than half of the AA level companies at the Shanghai Port.

Companies with a high rating level can enjoy priority in declaration, fee settlement and lowering the sample inspection rate, officials said.

Dishonest behaviors and violations will adversely affect companies' chances of receiving efficient services. Some companies will even be degraded in the system.

Last year, 105 violations of foreign trade companies have been recorded by the bureau in the free trade zone and nine administrative punishments have been imposed, officials said. The bureau degraded two dishonest companies' credit rating last year.