China's Customs Announces End of Guaranteed Deposit System for Processing Trade

August 18, 2017 -- Companies involved in the processing trade in China will no longer be required to use the bank guarantee deposit system. With the backing of the State Council of the People's Republic of China, the General Administration of Customs announced the abolition of the requirement as of August 1, 2017. The move is intended to streamline administration within the processing trade, while boosting the development of the sector overall.