State Council Releases Measures Telling All Government Levels to Improve Efficiency
Trade conditions in China still remains complex and rigorous even with global market uncertainties which disrupted the trade performance this year. this was shown in the guideline document that was released by the State Council. The State Council stressed that the documents that all level of governments should improve efficiency in the 14 areas.
The areas include optimizing tax refund policies for certain exports, offer more financial support to Chinese manufacturers and enhancing export credit insurance. Exports in the yuan denominated terms increased by 4.1 percent year on year and imports decrease by 5.7 percent as well. A professor for international trade at the University of International Business and Economics in Beijing stated that a weak global demand and other uncertainties such as fluctuations of foreign currencies and policy adjustments in major economies impacted the global trade and placed a dent in the foreign trade volume last month. China’s goal in increasing import volume in the next five years stimulates service trade opportunities for develop countries and the government offers a wider market access to global companies. Service trade are sales and delivery of intangible products ranging from financial, tourism and telecommunications services.
The guidelines also stated that other measures, such as multimodel logistics services, cross border e-commerce and government procurement trade will assist private companies in diversifying global sales channels and enhance earning abilities under the current global business situation. Government will also support high end manufacturing industries in creating after sales stations and center along with training schools overseas in efforts to further improve brand influence.
The four pilot free trade zones in developed coastal areas including Guangdong and Shanghai is leading structural reforms in making it easier in starting new businesses and allowing more foreign companies more access in the service sectors. By freeing up capital controls and creating a wider access to sectors that remains closed or restricted to foreign companies, triggered a surge in new business registrations and cross border transactions in the free trade zones.