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Chinese Import
Payment Practices Letter of Credit The Chinese banks that have the
authority to issue letters of credit for Chinese imports include the Bank of
China, the People's Construction Bank of China, the Industrial and Commercial
Bank of China, the Agricultural Bank of China, and the CITIC Industrial Bank.
Foreign banks with branches or representative offices in China can also issue
letters of credit. China will not allow letters of credit issued by its banks to be
confirmed by other banks, Chinese or foreign. Document Against Payment As with letters of credit, the exporter
submits a full set of trade documents of payment collection to the bank designated
in the contract. The Chinese bank will send the documents to the home office,
which examines them and, in some cases, passes them to the buyer for further
examination. Payment is made after
the documents have met the approval of all parties. Documents Against Payment
provides rather thin coverage against default however it is less expensive
than a Letter of Credit, but should only be used between parties that have a
long, good and trusting relationship. Office Hours (USA) Monday – Friday
(8 AM – 5 PM EST)
Office Hours
(CHINA) Monday – Friday (8 AM – 5
PM Chinese Time) M. CRISPI INTERNATIONAL, LTD. P.O. DRAWER 804 E. SETAUKET, NY
11733-0614 TEL: (001-631)
246-9683 FAX: (001-631)
689-8606 Email: Info@M-Crispi.com |