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China rolls out multi-pronged measures to promote stable growth of foreign trade

2022-02-18 08:32:50 Belt and Road Portal

A series of preferential policies to stabilize foreign trade have been introduced successively since the beginning of this year.

Due to the unfavorable factors like huge base and withering demand, China will have to take more arduous efforts to stabilize foreign trade, said Liu Jianying, deputy director of the Institute of Foreign Trade with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.

With such expectations, the governments rolled out policies intensively to keep foreign trade stable at the beginning of this year.

Immediately after the successive issuance of the opinions on further stabilizing foreign trade by cross-cyclical adjustment and on promoting the integrated development of domestic and foreign trade in January this year, China's State Council approved last week the establishment of cross-border e-commerce pilot zones in 27 cities and regions as the government seeks to stabilize foreign trade and foreign investments.

The Ministry of Commerce unveiled six major initiatives to support trade in services at the first regular press conference of the Chinese Year of the Tiger 2022. The National Development and Reform Commission clarified the next step of foreign trade will focus on "stability", centering around four aspects. The General Administration of Customs announced to further deepen the reform to streamline administration and delegate power, improve regulation and upgrade services, optimize the business environment at ports, provide enterprises with subsidiaries to recover production, and vitalize the market players of foreign trade with stronger internal driving force.

Various local governments have released policies and regulations to further stabilize foreign trade. Fujian Province released several measures on stabilizing foreign trade in the first quarter of this year.

Zhejiang Province released several opinions on supporting stable growth of foreign trade by finance to expand foreign trade financing service, deepen the burden relief action and optimize cross-border financial services.

Hainan Province published the implementation plan to stabilize foreign trade by further advancing facilitation of customs clearance and streamlining and standardizing port charges.