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Key steps to promote foreign trade of China
The General Office of the State Council issued opinions on July 24 about stabilizing foreign trade growth, listing the major tasks for local governments, ministries and institutions to promote a new round of opening-up.
— Charges for import and export procedures will be overhauled and regulated. A directory of administrative or service charges will be issued. Supervision over canceled charges will be strengthened to prevent arbitrary charges.
— China will keep the value of the renminbi within a reasonable range. More measures will be taken by authorities, including the People’s Bank of China, to facilitate RMB settlement in cross-border trade, and help enterprises to avoid exchange rate risks.
— Support for export credit insurance will be stepped up. Export financing insurance will be provided, where possible, for major equipment and general procedures will be further simplified.
— The development of new business models in foreign trade will be accelerated. Plans about increasing pilot projects with a new model will be put forward before the end of this year, and be implemented at the beginning of next year.
— Efforts will be continued to increase imports. The coverage of import credit with preferential interest rates will be further expanded, to include the Catalog of Technologies and Products Encouraged to Be Imported, which will be issued by the end of July after amendments.
— Trade facilitation will be further improved by streamlining administration and increasing service efficiency. The “Single Window” service system of foreign trade will undergo trials in coastal ports.
— The country will also step up financing support for profitable enterprises that have certified orders. Companies are encouraged to explore the global market and carry out international cooperation on production capacity to push forward Chinese equipment to “go global”.