According to a recent circular by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), enterprises of varied ownership are now allowed to do import and export trade by themselves as long as their registered capital reaches a certain amount.

The change will give private enterprises the equal treatment and opportunities that state-owned enterprises now enjoy in doing foreign trade business.

The new system will help promote foreign trade development of private enterprises, because they no longer had to do foreign trade through the agency of state-owned enterprises as required by previous regulations, sources said.

(Xinhua News Agency 08/02/2001)