With reference to “Guidance on Promoting High-Quality Development of Trade” [1] issued by the State Council on Nov. 28, 2019, China aims to further optimize the trade structure, obviously improve the trade benefits and largely increase its trade by 2020. To achieve this goal, China will continue to promote importation, facilitate the construction of CBEC pilot zones, and encourage foreign investment in areas including emerging industries, high and new technology, energy conservation and environmental protection as well as the modern service industry.
Later on Dec. 9, the State Council Information Office held a press conference introducing the details of this policy [2]. Director of foreign trade department Li Xingqian stated that import expansion would be carried out from the following 4 aspects:
Reduce the import tariff to initiate the bilateral trade
Regularly hold China International Import Expo (CIIE) to promote international trade and investment
Primarily improve the trade facilitation level
Establish import trade promotion demonstration areas to function as models and leading roles
Additionally, director Li Xingqian revealed that from January to October this year, CBEC import & export demonstrated a YoY growth of 20.2%. In the upcoming years, China will open new CBEC comprehensive pilot zones.
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