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China Issues Guidelines to Promote High-Quality Trade and Further Tariffs Reduction

Mainland Central authorities have issued the Guiding Opinions on Promoting High-Quality Trade Development in a bid to accelerate the growth of new competitive advantages and promote trade development. The aim is to make trade structures more optimised, significantly boost efficiency, and achieve further improvement in trade by 2022.

The Guiding Opinions, issued on 19 November 2019, stress the need to speed up innovation-driven development in order to foster new advantages in trade competition, as well as build an open, coordinated and efficient R&D platform for generic technology, and strengthen the role of manufacturing innovation in supporting trade. The strategy for tapping international markets needs to be optimised and efforts must be made to further develop traditional markets, including developed economies. Steps must also be taken to actively expand imports, including the timely lowering of import tariffs and institutional costs, optimising import structures to release import potential.

The Guiding Opinions also call for promoting the effective interaction of trade and two-way investment. Sustained efforts should be made to ease market access for foreign investment and encourage overseas investment in a range of sectors, including emerging industries, new and high technologies, energy conservation and environmental protection, modern services and other fields.

Foreign investment should also play a full role in boosting industrial upgrade and in high-quality trade development.

Source: State Council of China

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