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Premier stresses stable foreign trade

Updated: Oct 25,2019 08:54 PM

The State Council has laid out measures to ensure the steady growth of foreign trade and improve the quality of imports and exports, according to the State Council executive meeting chaired by Premier Li Keqiang on Oct 23.

"China has a vast domestic market, yet is also deeply integrated into the global economy. Products and services related to import and export take a large share in the Chinese economy," said the Premier.

Keeping foreign trade stable is a key part of maintaining stable economic operations, he added.

Premier Li praised local governments and related departments on their efforts to stabilize foreign trade and urged achieving the goal set early this year of ensuring the steady growth of foreign trade and better structured imports and exports.

With major international financial institutions downgrading their economic growth forecasts, what is important now is to make sure the many policies that have been introduced will be fully delivered, Premier Li said.

Four measures on keeping foreign trade stable were adopted at the meeting. Policies on export tax rebates and credit-based insurance will be further improved.

More efforts will be made to develop a network of high-standard free trade areas, foster new forms of industry in foreign trade, and set up another group of comprehensive pilot zones for cross-border e-commerce.

Imports including agricultural products, daily consumer goods, equipment and parts will be increased to meet domestic demand. New zones will be developed to facilitate innovation in imports.

The meeting also urged hosting a successful China International Import Expo this year.