BEIJING — China's move to promote the innovative development of foreign trade will benefit overseas companies, Ren Hongbin, assistant minister of commerce, said at a press briefing on Nov 12. 

The guideline on the innovative development of foreign trade recently released by the State Council focuses on looking for new ways to explore the international market, optimizing the domestic layout of foreign trade, and enhancing the competitiveness of foreign trade firms.

It also specifies measures to improve the structure of exports and imports, develop various types of innovative trade, and foster platforms to promote foreign trade.

Ren said these measures will offer foreign enterprises more policy dividends, sound business environment, more market space and development opportunities.

In the first 10 months, foreign firms' imports and exports reached 10 trillion yuan (about $1.51 trillion), accounting for 38.6 percent of the country's total volume.

The healthy development of cross-border e-commerce is key to foreign trade innovation, said Ren, adding that China will accelerate the development of overseas warehouses.