Companies Urged to Give More Support to Further Develop Foreign Trade in China
Premier Li Keqiang have urged companies to give more support for the development of foreign trade in China to further promote a balanced and steady development of the country’s economy. Li said that foreign trade is one of the important part of the national economy and to stabilize foreign trade and make it stronger to ensure the economy runs smoothly and upgrade. Amid a tepid global demand and slow domestic economy dealt a blow to the foreign trade in China. Foreign trade fell by 7 percent year on year in 2105 as exports were down by 1.8 percent and imports by 13.2 percent.
But March data provided relief as exports surged by 18.7 percent last month year on year the first such increase since December, compared with the decrease of 20.6 percent in February and a 6.6 percent decrease in January. Meanwhile imports dipped by 1.7 percent which is an improvement from the 8 percent drop in February. Several measures are already in place to ensure the propping up of foreign trade. Financial institutions are being encouraged to increase financial support for foreign trade enterprises who are making profits and receiving order. Tax rebates of some of these companies are for mechanical and electrical products which will be increased although no specific products were named.
Furthermore there will be more cross border e-commerce pilots tht will support Chinese companies to increase overseas presence and proactive import policies is implemented with extra support to imports of advanced equipment and technology. It was also pointed out that improvement in transportation infrastructure is needed in old revolutionary bases, border areas, ethnic minority areas and poverty stricken areas. by strengthening the construction of the transport infrastructure will be the key I lifting under developed areas out of poverty and to promote balanced development among regions.
China will speed up the construction and upgrading of old rural roads, railways, expressways and airports in the next five years. this was decided during a meeting for innovation and entrepreneurship demonstration that will have bases in provincial level regions in hopes to draw in innovators and promote development of a new economy.