Chinese Premier Li Keqiang chaired an executive meeting of the State Council and Chinese government on Thursday in Beijing, which identified inter-cyclical adjustment measures to promote stable development of foreign trade and made arrangements for the implementation. implementation of the Comprehensive Regional Economic Partnership Agreement after it takes effect. The meeting stressed that foreign trade is facing increasing uncertainties and that special efforts are needed to help exporting companies to stabilize market expectations and promote the constant development of foreign trade.
The raging Omicron variant of the novel coronavirus has once again rocked global supply chains as many countries close their borders and many developing countries face the risks of capital outflows, currency depreciation and financial loss. weakening domestic demand.
The quantitative easing policies of the United States, the European Union and Japan could be extended, which means that the performance of the financial market could deviate further from the real economy.
China’s epidemic prevention and control and various economic policies and measures are active and effective, domestic economic operations are fundamentally stable, and its manufacturing industry is booming. Trade with countries in Southeast Asia has helped China to guard against reduced exports to Europe and the United States. In addition, after the entry into force of the RCEP, more than 90% of merchandise trade in the region will benefit from zero tariffs, which will boost international trade. That is why RCEP was high on the agenda for the meeting Premier Li chaired last week.
In addition, China should take full advantage of the multilateral trading system, modernize the value chain of its foreign trade industry, take full advantage of its comparative advantages in the textile, mechanical and electrical industries, and strengthen its domestic technological capabilities, in order to ensure the security of its industrial chain and carry out the transformation and upgrading of its industrial structure of foreign trade.
There should be better targeted trade and business friendly policies to support the development of supply chains and small and medium enterprises.
At the same time, the government should support the innovation and development of comprehensive information sharing platforms between departments and institutions such as trade, finance, customs, taxation, exchange management and financial institutions to promote dynamic supervision and services.
With the support of policies, the resilience and vitality of foreign trade enterprises will continue to increase, and the development of new forms of business and new models will accelerate, forming new growth points.
– 21st Century Business Herald