The State Council has made another move: to stabilize foreign trade, optimize foreign exchange management and facilitate cross-border trade and investment
China’s regular session will stabilize foreign trade three times this year!
The executive meeting of the State Council held on the 23rd arranged to do a better job of stabilizing foreign trade and promote quality improvement in import and export. At the same time, in order to do a good job of foreign trade and investment, the national regular meeting also decided to optimize foreign exchange management and promote cross-border trade and investment facilitation of 12 measures.
Key measures include:
1, to further improve the export tax rebate, trade financing, credit insurance and other policies
2. Promote the construction of a high-standard FTZ network
3, foster new forms of foreign trade
4. Increase the import of agricultural products, daily consumer goods and equipment, spare parts, etc. to meet domestic demand
5, allowing non-investment foreign-invested enterprises to carry out domestic equity investment with capital.
6, expand the trade and foreign exchange revenue and expenditure facilitation pilot Measures to Stabilize Foreign Trade Continue to Increase Since this year, the executive meeting of the State Council has made three arrangements for stabilizing foreign trade.
The executive meeting of the State Council held on June 12 pointed out that taking enterprises as the main body and expanding diversified international markets are conducive to promoting stable foreign trade, quality improvement and stable economic operation. We should actively promote the signing of high-standard free trade agreements and regional trade agreements with more countries. To study and expand the comprehensive test area in cross-border electronic commerce. Encourage enterprises to improve their international marketing network and promote the export of products that meet the needs of the international market. Actively increase imports. Promote the balanced, stable and healthy development of import and export.
The executive meeting of the State Council held on July 10 decided on four major measures to further stabilize foreign trade:
One is to improve fiscal and taxation policies. We will continue to reduce the overall level of import tariffs, improve the export tax rebate policy and speed up the tax rebate process.
The second is to strengthen financial support. We will give better play to the role of export credit insurance, promote the expansion of coverage, reasonably reduce premiums, and study and propose special types of insurance that meet the needs of enterprises. We will guide financial institutions to increase their foreign trade financing support for small and medium-sized enterprises. Create conditions to improve RMB settlement convenience.
Third, we will accelerate the development of new formats such as cross-border e-commerce and bonded maintenance of processing trade, and foster import trade demonstration zones.
The fourth is to improve the level of trade facilitation. We have made greater breakthroughs in simplifying the regulatory documents for import and export links, reducing customs clearance time and reducing port charges. According to the requirements of the meeting, according to changes in the situation and concerns of enterprises, the policy reserve should be strengthened and timely introduced to promote the stability and quality of foreign trade.
The executive meeting of the State Council held on October 23 once again proposed four measures to stabilize foreign trade:
First, we need to further improve export tax rebates, trade financing, credit insurance and other policies, and gradually realize the comprehensive bonded area’s full application of the cross-border e-commerce retail import policy. We will implement a differentiated policy to support the central and western regions and the northeast regions to undertake the transfer of processing trade.
Second, it is necessary to promote the construction of a high-standard free trade zone network, deepen the reform of “management services”, promote the effective use of vacant land such as economic development zones and free trade zones, and improve the level of trade facilitation. We will accelerate the construction of foreign trade transformation and upgrading bases and trade promotion platforms.
Third, we must foster new forms of foreign trade. A comprehensive test area for cross-border e-commerce will be set up and measures for the verification and collection of cross-border e-commerce retail export income tax will be introduced as soon as possible. Explore new measures to support the development of market procurement trade pilot and foreign trade comprehensive service enterprises. To speed up bonded maintenance and remanufacturing, first try.
Fourth, we should increase the import of agricultural products, consumer goods for daily use, equipment, spare parts, etc. that meet domestic demand. Cultivate a number of import trade demonstration zones to promote innovation. Do a good job in the 2nd China International Import Expo.
The policy effect will continue to be released.
Since the beginning of this year, the world economy has slowed down and trade protectionism has continued to heat up. However, China’s foreign trade has maintained a strong resilience and is generally stable and improving its quality.
Li Kuiwen, spokesman of the General Administration of Customs and director of the Statistics and Analysis Department, said at a press conference a few days ago that the factors supporting the smooth operation of China’s foreign trade in the first three quarters of this year are mainly three aspects: first, the overall stability of the domestic economy; Second, the policy effect will continue to be released. Third, market diversification has achieved remarkable results.
Lian Ping, chief economist of Bank of Communications, said that there is no need to be overly pessimistic about the external environment facing China’s foreign trade development. First, China’s products are highly competitive and have the ability to turn quickly. Second, market diversification has achieved remarkable results. Exports to countries and regions along the EU, ASEAN and “the belt and road initiative” will maintain stable growth. Third, the policy effect of stabilizing foreign trade will continue to be released. Fourth, the RMB exchange rate remains basically stable at a reasonable and balanced level, which helps relieve export pressure to a certain extent.
12 Measures to Optimize Foreign Exchange Management In order to do a good job in foreign trade and foreign capital, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level and a reasonable foreign exchange reserve, so as to further expand the opening to the outside world and stabilize foreign trade and foreign capital, 12 measures to optimize foreign exchange management and promote the facilitation of cross-border trade and investment have been determined at this national regular meeting. Mainly includes:
One is to expand the trade and foreign exchange revenue and expenditure facilitation pilot, simplify the procedures for small and micro cross-border e-commerce companies to handle relevant fund collection and payment, optimize the reporting method of foreign exchange business for goods trade, allow enterprises to independently choose whether to open accounts to be checked, facilitate the registration of foreign exchange revenue and expenditure lists for goods trade in branches of enterprises, and allow centralized management of overseas funds of construction contracting enterprises.
Second, non-investment foreign-invested enterprises are allowed to use their capital to carry out domestic equity investment, expand the pilot of capital account income payment facilitation, delegate the cancellation registration of foreign debts to banks, cancel the registration of foreign debts on a case-by-case basis in the pilot, cancel the restriction on the number of foreign exchange accounts in capital accounts, facilitate the settlement and use of foreign exchange funds in some capital accounts, and carry out the pilot of cross-border transfer of non-performing bank claims and trade financing. At the same time, attention should be paid to preventing risks of cross-border capital flows and maintaining financial stability.
Since the beginning of this year, the central bank and the foreign exchange bureau have optimized their foreign exchange management measures many times, including lifting the investment quota limit for qualified overseas investors (QFII/RQFII) and further facilitating overseas institutional investors to invest in the inter-bank bond market.
Wang Chunying, spokesman of the State Administration of Foreign Exchange, chief economist and director of the Department of Balance of Payments, said earlier that he would continue to promote the liberalization and facilitation of cross-border trade and investment. We will further support innovation in trade methods and optimize foreign exchange management policies. We will improve the convenience of foreign-invested enterprises in transferring funds and support qualified and capable Chinese enterprises to carry out real and compliant foreign investment. We will actively support the Pilot Free Trade Zone, Guangdong, Hong Kong, Macao and the Gulf Region, and xiong’an new area in their first attempt at foreign exchange management reform, and support Hainan in deepening reform and opening up in an all-round way.
The foreign exchange bureau also said a few days ago that it will continue to deepen the reform of foreign exchange management in the next step, continuously take effective measures to expand opening to the outside world, support overseas investors to invest in domestic financial markets, and improve the convenience of cross-border investment and financing. At the same time, adapt to the opening in the opening, effectively prevent the risk of cross-border capital flows, and safeguard the national economic and financial security.
Original Artical，Author：China Trade Agent，if repost，please give references ：https://offers-bg.com/state-council-has-made-another/