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China to step up cross-cycle adjustment to steady trade

2021-12-23 17:02

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BEIJING, Dec. 23 (Xinhua) -- A State Council executive meeting chaired by Premier Li Keqiang has specified measures for cross-cycle adjustment to ensure steady development of foreign trade.

The meeting also called for efforts to implement the Regional Comprehensive Economic Partnership (RCEP) agreement, which will take effect on Jan. 1, 2022.

According to the meeting, China will increase policy support for foreign trade and implement its measures to cut taxes and fees, ensuring tax rebates take no more than six working days on average.

While offering stronger protection to small trading firms, the country will facilitate inter-regional trading cooperation and make sure the imports of bulk commodities run well.

The country will take more measures to encourage new business models for trading, such as creating more pilot zones for cross-border e-commerce and building some cities into offshore trading centers.

On enhancing services for companies and helping them navigate business difficulties, the meeting decided that the domestic sales of processing trade firms will be temporarily exempted from interest payment on tax deferrals in 2022.

It also encouraged long-term cooperation deals between foreign trading companies and shipping companies to mitigate pressure on international logistics, and called on financial institutions to step up inclusive financial support on logistics for qualified small trading firms.

On the implementation of the RCEP agreement, the meeting encouraged related companies to make full use of member countries' favorable policies such as tariff cuts to increase imports and exports, and intensify regional cooperation in high-end, green industrial chains and manufacturing projects.

The country will also strive to improve its business environment to meet advanced standards worldwide and introduce more capital and talent from the region, according to the meeting.
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