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China to continue efforts for stable foreign trade, more foreign capital in 2020

China to continue efforts for stable foreign trade, more foreign capital in 2020

Beijing — Cross-border e-commerce pilot zones, negative list for foreign investment. In the new year, China will continue efforts in multiple fields to push for high-quality foreign trade development and
expand use of foreign investment, according to related Chinese officials.

China will further optimize the international market layout, commodity structure and modes of trade, consolidate traditional markets and expand emerging markets in 2020, said Li Xingqian, head of the Department of Foreign Trade with MOC, at a recently-held media briefing.

Efforts will also be made to cultivate new foreign trade business and import trade promotion innovation demonstration zones and upgrade processing trade, so as to build an open economy at a higher level and maintain steady foreign trade growth, he noted.

Besides, in December 30, the Customs Tariff Commission of the State Council released the 2020 version import and export tariff schedule which has been effective on January 1, 2020, to maintain transparency on tariff policy, continuously optimize the business environment and foster high-quality
trade development.

In 2019, thanks to favorable policies, China has reaped fruitful results in foreign trade development. Customs data showed that China’s foreign trade expanded 2.4% year on year to 28.5 trillion yuan from January to November, 2019.

Li noted that China’s foreign trade in the whole year of 2019 is likely to continue to top 30 trillion yuan (around US$4.26 trillion) and set a new record.

China’s export grows at a rate higher than that of the world’s major economies as a whole, and meanwhile, the quality of foreign trade continues to improve as the international market layout has become more rational and exports of high-tech, high-quality, and high-value-added products have grown rapidly, said Li. (Belt &Road Weekly Vol.5 No.1)


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