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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.

-- Forward-looking vision

While addressing the existing challenges to guarantee a stable beginning, the policymakers should be farsighted enough for quality improvement and upgrading of foreign trade with stronger international competitiveness.

The Ministry of Commerce has recently made it clear that 2022 will be a year of "foreign trade consolidation and upgrading".

Experts estimated that relevant authorities would issue more policies on promoting the innovative development of foreign trade and the construction of foreign trade transformation and upgrading bases.

For the innovative development of foreign trade, experts estimated that relevant authorities would focus on improving the trade digitalization, building a number of global trade digitalization frontrunner areas, and consolidating new advantages of foreign trade competition.

Zhu Caihua, professor at the Institute of International Economy of the University of International Business and Economics, suggested that China should make use of the development opportunity of digital trade to dig into the potential of trade digitalization and vigorously explore new business forms and models such as digital marketing, cross-border e-commerce and market procurement trade.

For advancing the construction of foreign trade transformation and upgrading bases, Bai Ming, deputy director of the International Market Research Department with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, noted that China may further expand the coverage of the bases for foreign trade transformation and upgrading to support innovative development of processing trade.

To help the market expansion of foreign trade enterprises, experts suggested that China further highlights the role of export credit insurance, focusing on credit loan to foreign trade and strengthening enterprises' ability to deal with exchange rate risk, thus improving the level of global trade cooperation.