MOC unveils package of steps to develop new growth drivers

China has rolled out a package of measures to not only maintain current steady growth in the foreign trade sector, but also cultivate new drivers of growth for the future, the Ministry of Commerce said on Thursday.

As part of the new initiative, efforts will be made to expand the scale and coverage of export credit insurance, aiming to empower enterprises to explore more diversified overseas markets, according to a notice issued by the ministry.

The Export-Import Bank of China will be tasked with strengthening credit allocation in the foreign trade domain. The bank will better tailor its financing products and services to meet the diverse needs of different types of trade enterprises, the ministry said.

Additionally, financial institutions across the board will be encouraged to increase lending to small and medium-sized foreign trade businesses in accordance with market-oriented and rule-of-law principles, the ministry added.

Catalyzing the growth in the cross-border e-commerce sector is also high on the work agenda, and a key priority is the continued advancement of overseas smart logistics platforms, it said.

Meanwhile, the country will encourage local authorities to explore the establishment of cross-border e-commerce service platforms to provide enterprises with legal advisory, tax guidance, and other crucial business services for navigating overseas markets, it added.

The ministry has also announced a multi-pronged step to expand exports of special agricultural products while facilitating the import of critical equipment and energy resources.

In a move to making it easier for foreign businesses to visit China, the country will actively pursue more bilateral visa-exemption agreements while expanding the scope of its unilateral visa-free policies.

Provincial-level regions with fairly large trade volume should take the lead in driving the implementation of these initiatives as they have a crucial role to play in stabilizing the overall foreign trade performance, the ministry said.