New forms, models of foreign trade to gain momentum
Updated: July 9, 2021 20:03

China will boost new forms and models of foreign trade to advance high-quality development of the trade sector, according to a circular issued by the General Office of the State Council on July 9.

The country aims to have better mechanisms and policy systems for new forms and models of foreign trade by 2025, backed by leading enterprises and industrial clusters with global competitiveness. And by 2035, development in this regard should put it at the forefront of innovation-driven nations, with facilitation of free trade at a world-leading level.

Digital technology and tools have a part to play throughout the process of foreign trade, and data across various links in the supply chain should be integrated to enhance resource interconnectivity and information sharing.

To facilitate cross-border e-commerce, the circular stressed improving related policies, designating more areas as integrated pilot zones for cross-border e-commerce, and establishing, by 2025, full-fledged physical industrial parks in such integrated pilot zones.

For transformation and upgrading, traditional foreign trade enterprises should get support in adopting sophisticated technologies, such as cloud computing, artificial intelligence and virtual reality.

They also should benefit from a better policy framework regarding market purchase-based export trade featuring fast customs clearance. The target is to nurture about 10 domestic and foreign-trade integrated markets with exports exceeding over 100 billion yuan ($15.43 billion) by 2025.

The circular urged efforts to encourage traditional foreign trade companies, cross-border e-commerce platforms and logistics firms to develop overseas warehouses and make them more digitized and intelligent.

Services related to foreign trade should target specific areas, and encourage shared innovation in marketing, payment, delivery, logistics, and quality control, among others.

Financial institutions, non-banking payment institutions, credit agencies and foreign trade service platforms should be mobilized to provide convenient financial services for eligible businesses participating in new forms and models of foreign trade.

The circular also called for cultivating professionals and deepening international exchange and cooperation in the new trends.

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