China is stepping up efforts to boost its foreign trade and energize global economic growth with a series of new policies announced by the Ministry of Commerce. Aimed at supporting stable growth and consolidating economic momentum, these measures focus on enhancing financial support for micro, small, and medium-sized enterprises, boosting innovation in green trade, and expanding trade relations with neighboring countries.
By encouraging insurance companies to support little giant and hidden champion firms, China aims to mitigate financial risks and diversify markets for small and medium-sized enterprises. This move is expected to enhance trade skills, productivity, competitiveness, and efficiency in foreign trade activities.
China will also support the import of vital machinery and energy resources to ensure industrial stability and energy security, while increasing exports of agricultural products to help stabilize global food security. Emphasizing innovation in green trade aligns with global climate cooperation efforts and addresses current global challenges.
Enhancing border trade with ASEAN, Russia, and Central Asian nations offers low-cost, high-efficiency export routes for micro and small businesses, as well as individual entrepreneurs. China’s foreign trade reached 36.02 trillion yuan ($5 trillion) in the first ten months of this year, reflecting a 5.2 percent annual growth and showcasing its active role in the global trade value chain.
To further boost international commerce, China has extended its visa-free policy to nine additional nations, encouraging individuals and businesses to engage with China. The country continues to explore new international markets, negotiate trade agreements, and promote e-commerce to meet the increasing demand for international trade.
Maintaining the stability of the yuan and providing cross-border trade settlement support are also priorities. By addressing contemporary international trade issues and future uncertainties through cross-border e-commerce facilities and other services, China aims to continue integrating into the global economy.
Starting December 1, 2024, China will impose zero-tariff treatment on all goods originating from least-developed countries that have diplomatic ties with China, fostering trade balance and growth. These policy measures are set to help the world’s second-largest economy achieve its annual 5 percent growth target, contributing to global economic stability.
Reference(s):
cgtn.com
