Nation to boost foreign trade upgrading

Li stresses maintaining steady progress for 'Made in China' products to go global

China will accelerate the development of new forms and models of foreign trade to push forward its upgrading and foster new competitive strengths, the State Council's executive meeting chaired by Premier Li Keqiang decided on Tuesday.

Recent years have seen the rapid development of new forms and models of foreign trade. Such development has propelled the transformation and upgrading of the country's foreign trade as a whole, and played a vital role in stabilizing foreign trade amid the COVID-19 pandemic.

"New business forms and models, especially cross-border e-commerce, have become a vibrant force driving China's foreign trade. They also represent an important trend in the development of international trade," Li said.

"China's cross-border e-commerce has grown by nearly 10 times over the past five years. By both exports and imports, cross-border e-commerce has been expanding much faster than overall foreign trade, and its share in overall foreign trade has gone up significantly."

Integrated pilot zones for cross-border e-commerce will be piloted in more areas, and the list of goods for cross-border e-commerce retail imports will be fine-tuned.

Management of cross-border e-commerce import and export returns and exchanges will be made more convenient, while guidelines on protecting intellectual property rights in cross-border e-commerce will be drafted in order to deter counterfeit and substandard goods, the meeting agreed.

It called for vigorous efforts to advance the development of overseas warehouses. Traditional foreign trade companies, cross-border e-commerce platforms and logistics firms will be encouraged to participate in developing overseas warehouses and make them more standardized, high-tech and intelligent.

Such efforts will promote micro, small and medium-sized enterprises in going global via overseas warehouses, and drive Chinese brands and products from startups and innovative firms to expand their international market.

"We will support businesses in establishing overseas warehouses. This is an important way to facilitate Chinese brands going global, and has played an important role in opening overseas retail channels," Li said.

"For 'Made in China' products to go global, it takes new business models and solid steps for steady progress," he added.

Integrated foreign trade service firms will be guided to improve their efficiency and risk control when handling export tax rebates on behalf of manufacturers. Enterprises in integrated bonded areas and pilot free trade zones will be supported to offer bonded repair services. Places with the appropriate conditions will be supported in the development of offshore trade.

International cooperation in intellectual property protection, transnational logistics and other areas will be stepped up.

"We need to further promote international exchange and cooperation, take an active part in making international rules and standards of new business forms and models of foreign trade and proactively align with the global logistics industry," Li said.