Manufacturer Jingjiang Special Steel Co Ltd – based in Jingjiang city, administered by Taizhou city in East China's Jiangsu province – recently got international recognition that is expected to cut costs and boost profits going forward.
The group obtained Authorized Economic Operator or AEO certification on March 21, making it the first firm to receive the highly prized certification in the city.
Under the aegis of the Brussels-based World Customs Organization, AEO certification is designed to strengthen international supply chain security and streamline and facilitate the movement of legitimate goods.
Companies with the certification are said to enjoy the most favorable and convenient management measures in China.
They can also enjoy convenient measures such as reduced document reviews, lower rates of inspection and prioritized customs clearances in countries and regions that have signed AEO mutual recognition agreements with Chinese Customs.
Situated in the Jingjiang Economic and Technological Development Zone, Jingjiang Special Steel Co Ltd is now the biggest manufacturer of gas cylinder tubes, oil cylinder tubes and directly connected special oil fastening sleeves in the domestic market.
Liu Wenxue, its general manager, said his company would make full use of the "golden signboard" of AEO recognition to increase its exports of seamless steel pipes and continue to expand into the global market.
Plans are for the company to export 180,000 metric tons of steel pipes and generate foreign exchange earnings of $120 million in the current year.