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China Looks to Boost Cross-Border Trade and Support Regional Development

Confirming its commitment to further stabilising foreign trade, China’s State Council resolved to adopt and implement a number of related measures – in addition to those already ratified – during the course of its 23 October Executive Meeting.

Overall, the new measures fall under two broad headings:

  • Administrative Enhancements
    This will see steps taken to streamline all procedures relating to export VAT refunds, trade financing and credit insurance. At the same time, priority will be given to fully implementing the agreed cross-border e-commerce retail import policy in all the comprehensive bonded zones. Furthermore, additional comprehensive cross-border e-commerce pilot zones will be established and suitable provisions made for the assessment and collection of all due cross-border e-commerce retail export taxes. Over the longer term, new and innovative forms of foreign trade will be fostered.
  • Regional Development Priorities
    As part of a broader policy of targetted regional development, support will be given to central, western and northeastern China as the designated sites for the relocation of the processing trade. Alongside this, the process of establishing a world class free trade zone network will be accelerated. In order to facilitate this, the relevant administrative processes will be streamlined, decision-making will be delegated to a lower level where possible and overall service standards will be improved. In parallel with this, the effective utilisation of idle land in economic development zones, bonded areas and other relevant sites will be prioritised, while enhanced efforts will be made to improve general trade facilitation.

Source: State Council

Content provided by Picture: HKTDC Research
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