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China Announces Plans to Stabilise Foreign Trade and Expand the Opening-Up Programme

Plans to stabilise foreign trade and expand the opening-up programme as a means of boosting economic growth and raising employment levels were announced by Li Keqiang, the Chinese Premier, during an Executive Meeting of the State Council on 10 July.

Emphasising the need to harness market-oriented reform as a means of developing the domestic business sector, the meeting agreed to prioritise the following moves:  

  • Improving fiscal and tax policies by considering how best to reduce overall import tariff levels, while refining the export tax rebate regime and accelerating the tax rebate process
  • Strengthening financial support by giving greater scope to export credit insurance and developing special types of insurance for particular business sectors
  • Accelerating the development of new business formats, including cross-border e-commerce and processing trade bonded repair, while expanding the import trade demonstration zones
  • Raising the trade facilitation level

Source: State Council of China

Content provided by Picture: HKTDC Research
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