Three key tasks of China’s 2019 foreign trade policies

2019-05-29
Xinhua

BEIJING — To cope with growing uncertainties, China is stepping up efforts to stabilize its trade growth, pushing ahead with three primary tasks - stabilizing growth, improving quality and shifting engines.

The country’s trade policies this year will prioritize stabilizing trade growth while improving the quality, according to an article posted on the website of the Ministry of Commerce.

The following are specific policies the country vowed to put in place to boost the development of trade.

—Stabilizing growth. The country will roll out more favorable policies, including expanding export credit insurance coverage, improving accessibility to funding, enhancing credit support and increasing trade facilitation, according to the ministry.

The country will create a law-based, international business environment that facilitates business players, encourage private firms’ development, and foster multi-national enterprises with international competitiveness.

It will strengthen cooperation with countries participating in the Belt and Road Initiative, consolidate traditional trade markets while tapping into new markets.

The ministry said the country plans to focus on developing about 30 international markets, without providing any details.

—Improving quality. China will optimize its export structure, encouraging exports of high-tech, high-quality and high value-added products while making its exports more competitive in quality, technology intensity, brand and marketing.

The country also seeks to increase imports, focusing on imports of products that people’s livelihood, agricultural products and resources.

—Shifting engines. The country will foster new industries and business models in the trade sector. It plans to unveil 35 pilot zones to boost development of cross-border e-commerce, and roll out 14 trial schemes for export through market procurement trade.