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State Council seeks to boost processing trade

Updated: Jan 18,2016 11:25 AM

China plans to upgrade its processing trade to the high end of the global value chain by 2020, according to a State Council document released on Jan 18.

Efforts will be made to improve products’ technological content, integrate manufacturing with the service trade, transform the majority of businesses from processing and assembly enterprises to firms based on technology, brands and marketing.

Also, the country will coordinate development of processing trade, driven more by innovation, in the eastern, central and western regions.

The government will seek to attract foreign investments in advanced manufacturing and emerging industries, support coastal areas to develop competitive industries such as electronic information, and encourage labor-intensive industries to move to the interior or border areas.

In particular, the coastal areas, with clustered industries and convenient logistics support, will lead the development of processing trade nationwide, especially in key regions such as the Pearl River Delta and key cities such as Dongguan of Guangdong province and Suzhou of Jiangsu province.

According to the document, China will encourage enterprises in industries such as construction materials, chemical engineering and food to develop cross-border partnerships, especially with African countries and countries along the route of the Belt and Road Initiative.

The country will also improve the management system and boost financial support to advance the initiative.