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New measures to boost foreign trade
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CHINA will roll out new measures, including cutting customs clearance time, streamlining port services and improving the export tax rebate policy, to increase opening-up and facilitate the steady growth of foreign trade, the State Council’s executive meeting chaired by Premier Li Keqiang decided yesterday.
Li also stressed the imperative for further opening up at a press conference earlier this year after the National People’s Congress in Beijing.
“The growth of foreign trade directly bears on boosting economic growth and upgrading domestic consumption. It is important to further improve current policies regarding export tax rebate and financial services,” the premier said.
The meeting decided on the following:
First, to advance trade facilitation, further steps will be taken this year to shorten the overall time for both import and export customs clearance and reduce the number of documents required for customs clearance by another one third.
The cost of customs clearance will also be further cut. In principle, companies will be able to get the customs clearance documents processed online and go through verification at ports.
Further progress will be made to realize one-time joint inspection by customs, border control and maritime safety authorities. The list of port administrative charges will be unveiled before the year end. No charges beyond the list will be collected.
Second, costs of import and export companies will be cut, and export rebate policies will be further improved. The frequency of inspections for exports will be lowered, and the coverage of export credit insurance will be expanded.
Financial institutions will be encouraged to increase the use of credit loan under export credit insurance and the export tax rebate account pledged loan to scale up financing support to import and export companies, especially micro, small and medium-sized firms.
“Today’s new measures should be introduced in a timely manner and implemented with concrete measures, so that tangible benefits will be delivered to businesses,” Li said.
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