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Fresh steps to upgrade trade

China will implement fresh measures like increasing the number of comprehensive bonded pilot zones, encouraging the use of new technologies and setting up digitized warehouses overseas to boost new forms and models of foreign trade.

This move should help advance the process of trade upgrade and generate new competitive strengths for China, said Ren Hongbin, assistant minister of commerce.

Apart from planning to increase its foreign trade volume from $4.65 trillion in 2020 to $5.1 trillion by 2025, China will expand the proportion of new forms of foreign trade from 7 percent of the total last year to 10 percent in 2025 to foster new competitive strengths, the MOC said in a 14th Five-Year (2021-25) commercial development plan it published last week.

Foreign trade via cross-border e-commerce advanced 31.1 percent to 1.69 trillion yuan ($261.11 billion) in 2020, with over 10,000 traditional trade firms going online for the first time in 2020.

Many of them adopted digital solutions, including big data, business-to-business or B2B platforms and online exhibition activities to attract overseas customers and boost sales, according to information released by the General Administration of Customs.

Johnny Chou, chairman and CEO of Best Inc, a Hangzhou, Zhejiang province-headquartered integrated supply chain and logistics solutions provider with a business network in a number of Southeast Asian countries, said cross-border e-commerce business is not only another boon to stimulate consumption of quality products, but also a solution that can strengthen the dual-circulation development paradigm in the field of trade.

China’s new development pattern has the domestic market as the mainstay while the domestic and foreign markets reinforce each other.

The government circular on trade upgrade stressed improving related policies, designating more areas as integrated pilot zones for cross-border e-commerce, and establishing full-fledged physical industrial parks in such integrated pilot zones by 2025.

Traditional export-oriented companies will benefit from a better policy framework for market purchase-based export trade featuring fast Customs clearance.

In addition to facilitating domestic companies to build new overseas warehouses and ship more products to global markets, China’s new forms and models of foreign trade, led by cross-border e-commerce boom, will help foreign businesses in China reach more consumers in the country’s lower-tier cities and counties, said leaders of foreign businesses.

“With the magic of cross-border e-commerce, we are finding that we can reach consumers throughout China, no matter where they are. That was not possible a decade ago,” said Tara McCarthy, CEO of the Irish Food Board, the agency which promotes Ireland’s food products.

(Sources From: Chinadaily)

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