China to Further Create a Supportive Import Policy Environment

The third China International Import Expo (CIIE) kicked off in Shanghai with its opening ceremony on November 4, 2020, and will last until November 10, 2020. At the opening ceremony, President Xi delivered a keynote speech via video link, summarizing the achievements on opening up over the past years and sending a series of positive signals regarding import policy.

Achievements on Opening Up

1. China has taken steady steps to expand imports, with imports of goods and services outpacing the global average over the past year.

2. The items on the national negative list for foreign investment have been cut from 40 to 33.

3. The number of pilot free trade zones has increased from 18 to 21.

4. The Master Plan for the Development of Hainan Free Trade Port and the Implementation Plan for Further Reform and Opening-up in Shenzhen have both been released and taken effect.

5. Good progress has been registered in concluding high-standard free trade agreements, developing demonstration zones for creative promotion of import trade, protecting intellectual property rights, etc. 

Favorable Policies for Imports

Xi stated that China will promote a new development with more open domestic and international circulations and implement the following measures to encourage more imports:

1. Continue to leverage the pioneering role of pilot free trade zones and free trade ports

2. Deepen reform and innovation in trade and investment liberalization and facilitation

3. Support companies from around the world in exploring business opportunities in China through the CIIE and other platforms

4. Encourage cross-border e-commerce (CBEC) and other new business forms and models to grow even quicker

5. Continue to make its foreign-related legal framework more open and transparent, strengthen intellectual property protection, better protect the lawful rights and interests of foreign investors

6. Pursue high-standard free trade agreements with more countries in the world

The implications of the above measures are that in the future international companies will enjoy more preferential policies for exporting products to China via either general trade or CBEC, and their rights and interests will be better protected in China.