China to exempt tariffs
(Xinhua, Beijing) China’s Ministry of Finance said Wednesday that the country would grant zero tariff status to 4,762 categories of commodities now imported from 33 of the world’s least developed countries beginning July 1.

Policy loans misused
(Edited from Xinhua, Beijing) Chinese auditors found last year policy-based finance institutions misallocated more than 20 billion yuan (2.9 billion U.S. dollars) of policy loans, chief auditor Liu Jiayi said Wednesday.

China to exempt tariffs
(Xinhua, Beijing) China’s Ministry of Finance said Wednesday that the country would grant zero tariff status to 4,762 categories of commodities now imported from 33 of the world’s least developed countries beginning July 1.

The countries include 26 African countries and seven from other regions. These include Ethiopia, Benin, Burundi, Guinea Ecuatorial, Maldives, Nepal and Bangladesh.

Imports to China, including aquatic products, textiles, farm produce, glass products, steel and minerals from these 33 countries, are to be exempted from tariffs.

Since 2001, China has put 41 of the world’s least developed countries on its zero-tariffs list.

Policy loans misused
(Edited from Xinhua, Beijing) Chinese auditors found last year policy-based finance institutions misallocated more than 20 billion yuan (2.9 billion U.S. dollars) of policy loans, chief auditor Liu Jiayi said Wednesday.

Liu, Auditor-General of the National Audit Office (NAO), made the statement in a report to the 15th session of the Standing Committee of the 11th National People’s Congress (NPC), China’s top legislature.

Auditors found some policy loans in policy-based financial institutions had not been fully implemented, in violation of rules, or exceeded their permitted business scope, Liu said.

Some policy-based financial institutions largely focused on commercial operations, which affected policy-related operations, Liu said.

Auditors also found that some new loans granted by the Industrial and Commercial Bank of China, the China Construction Bank and the Bank of China were unreasonable in terms of their structure.

Among the structural problems were the high proportion of medium and long-term loans, a rapid growth in real estate loans and insufficient support for the agricultural industry and small enterprises, Liu said.

Some financial institutions had been trying to fix these problems found by auditors, said Liu.

As of March, the Agricultural Development Bank of China had recovered 703 million yuan (103 million U.S. dollars) in loans and 463 personnel had been disciplined. Other financial institutions, including the China Export & Credit Insurance Corporation, also made policy adjustments, according to the report.

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