What State Council says about forging new competitive advantages in trade | govt.chinadaily.com.cn

What State Council says about forging new competitive advantages in trade

Updated: Dec 3, 2019 China Daily Print

Trade guideline sets targets for 2022

China will take measures to forge new competitive advantages in trade and push forward with high-quality trade development, according to a guideline published on Nov 28.

The guideline, jointly issued by the Communist Party of China Central Committee and the State Council, said that by 2022, China aims to have an optimized trade structure and notable improvement in trade efficiency, and set up an evaluation system for high-quality trade development.

To consolidate the industrial foundation for trade development, the guideline stressed the need to speed up the development of modern services, especially production-related services. It also said modern services should be deeply integrated with advanced manufacturing industries.

The guideline said trade in high-quality and high-tech products with high added value should be boosted significantly to optimize the commodity structure.

In order to accelerate the development of intelligent manufacturing, China will gradually advance from processing and manufacturing to research and design, marketing services and brand management, thus generating more added value through exports, the document said.

The guideline also urged coordination of the development of trade and the environment, with strict controls on the export of products that produce lots of pollution and consume large amounts of energy.

China will push forward with the construction of comprehensive cross-border e-commerce pilot zones, and successful experiences and practices will be replicated and promoted, it said.

The guideline said the establishment of platforms and systems can play a supporting role for trade, and called for efforts to continuously improve the international influence of the China International Import Expo, the world's first import-themed national-level expo.

It also required more efforts to deepen reform and opening-up in order to create a business environment that is law-based, internationalized and business-friendly.

Cabinet tightens grip on fixed-asset investment

The State Council unveiled measures to tighten its grip on capital funds used for fixed-asset investment projects in a notice released on Nov 27.

It said management of capital funds in corporate and government-backed fixed-asset investment projects in China should be framed by more thorough systems.

Improving current systems requires categorizing such projects to implement different accounting and management standards. The ratio of capital contribution also needs to be clearly defined, depending on the nature of the investment project, the notice said.

The minimum ratio for some infrastructure projects will be adjusted. It will be lowered from 25 percent to 20 percent for port, coastal and inland water transport projects, but remain at 25 percent for airport projects.

To further support major fixed-asset investment projects, the notice added that the State Council encourages legal and legitimate fundraising channels, while calling for stringent regulation, including efforts to guard against possible risks.

The notice will apply to investment projects not approved or put on record as of Nov 27. Projects that had already started related procedures but had not started or received loans from financial institutions will be able to adjust their fundraising plans according to the notice and reapply for approval and the filing of records.

It does not apply to projects that had already signed loan contracts with financial institutions.

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