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State Council seeks to boost domestic trade circulation

Updated: Aug 28,2015 5:34 PM

A State Council document released on Aug 28 pledges further innovation, the integration of regional networks and the improvement of a supervisory system to boost domestic trade circulation, in support of the national economy.

In the next five years, China plans to establish an open and unified, innovation-driven and well-regulated circulation system for domestic trade, which is expected to become a new engine for economic restructuring and transformation of development models.

The State Council requested eliminating market segmentation and breaking industry monopolies to build a unified national market, which will further reduce costs for social circulation.

The country will make overall plans for the development of areas such as Bohai rim region, Yangtze River Delta and Pearl River Delta, and geographic belts such as Shenyang-Changchun-Harbin, Zhengzhou-Wuhan-Changsha, Chengdu-Chongqing, Xi’an-Lanzhou-Urumqi, where circulation industries cluster, to construct a series of high-potential interworking cities that would connect domestic and global markets. Commercial networks and centers are also expected to get a boost in rural areas.

Circulation companies that are focused on investing abroad will receive further support. The government will plan the development of foreign economic and trade cooperation zones to facilitate the overseas extension of domestic circulation channels. China will also further open up its domestic trade circulation to foreign capitals, with an emphasis on advanced technology, management expertise and commercial models.

In another aspect, the government will increase financial assistance and improve support services to promote the innovation of new circulation models, the transformation of traditional companies, and the green and low-carbon development model. The “Internet Plus” initiative will be adopted to accelerate the digitalization of the circulation.

Additionally, the State Council asked to speed up legislation on commodity circulation to guarantee that fundamental regulations cover facility construction, order maintenance, industry development and market supervision.

The document also urged local governments to formulate standards for the circulation industry, construct a credit system for related enterprises and strengthen the enforcement of regulations.