My child asked me why I needed a lot of foreign exchange certificates to buy CNC machine tools in the early 1980 s, and how to answer it properly?
According to my experience in the management of import projects in the provincial economic commission, foreign exchange certificates are used by the people to buy domestic imported goods, and enterprises do not need foreign exchange certificates to buy imported CNC machine tools at all. Enterprises use "foreign exchange allocated by the state" to purchase foreign CNC machine tools, which is a foreign exchange quota and acts as a "food stamp". With the foreign exchange allocated by the state, plus the RMB of the enterprise itself or the bank, they can buy foreign CNC machine tools. Of course, the premise is that this imported project has the approval of the Planning Commission or the Economic Commission.