Trade firms get ID in China

Trade firms get ID in China

BEIJING (AFP): China will issue digital identity cards (ID) to foreign trade enterprises in a further move to control fraudulent foreign exchange transactions, the official China Daily reported Wednesday.

The report said the ID cards, which would be issued from Jan. 1, had to be used in all customs transactions.

Banks and foreign exchange bureaus will be able to authenticate declaration forms by verifying related information through a unified national network linking Customs offices, the report said.

The move, announced Tuesday at a national conference sponsored by the State Foreign Exchange Bureau and the General Administration of Customs, was designed to eliminate fraud related to illegal purchases of foreign currencies from banks, officials said.

The lack of effective communications between customs offices, banks and foreign exchange bureaus had enabled some businesses to forge customs declaration forms or other documents needed to obtain foreign currencies.