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Cross-cyclical adjustment to stabilize foreign trade

Updated: Jan 11,2022 19:57

China will carry out cross-cyclical adjustment measures to stabilize foreign trade and support foreign trade firms, especially smaller ones, according to a circular issued by the General Office of the State Council on Jan 11.

To tap into the potential of imports and exports, the circular stressed efforts to promote high-quality development of overseas warehouses, ensure adequate supplies of bulk commodities to the domestic market, and import a wider variety of consumer products via cross-border e-commerce retail to satisfy diverse needs.

Meanwhile, industrial and supply chains in foreign trade should be guaranteed. The circular encouraged long-term agreements between foreign trade companies and shipping service providers to ease global logistics pressure, and more integrated pilot zones for cross-border e-commerce will also be built.

The cooperation between eastern regions and central, western and northeastern areas will be deepened to develop industrial parks for processing trade.

The circular urged capitalizing on the Regional Comprehensive Economic Partnership (RCEP) agreement, which took effect on Jan 1, to bring greater stability to foreign trade.

To that end, the nation will continue to improve the business environment, further facilitate cross-border trade, lower compliance costs in both imports and exports, and reduce the average time spent on export rebates to within six working days in 2022.

Export credit insurance should play its role in safeguarding orders for foreign trade firms, the circular said, emphasizing the need to keep the RMB exchange rate basically stable at a reasonable and balanced level to make enterprises more resistant to foreign-exchange risks and expand the cross-border use of RMB.

Financial institutions, it said, should increase credit support to foreign trade firms, especially micro, small and medium-sized ones, with innovative products and services in a compliant, risk-control and market-based manner.

Support policies for labor-intensive exporters should be in place to lessen their burdens, retain the workforce and expand employment, the circular added.