Processing trade focus
Print Edition
CHINA should promote innovation and development in the processing trade to help the industry move up the global value chain by 2020, the State Council, China’s Cabinet, said yesterday.
The country aims to improve added value and technology in the sector and enhance its services and branding, the Cabinet said in a document.
To realize this goal, authorities should support foreign investment in China to attract more advanced manufacturing and emerging industries, it said.
The service sector should be opened up further and foreign-funded firms encouraged to set up procurement centers, distribution centers and settlement centers in China, the document said.
The processing sector, in which raw materials are imported to China and re-exported as finished products, accounts for more than 30 percent of China’s foreign trade.
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