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Premier Li urges more support for foreign trade

Premier Li Keqiang has urged more support for the development of China’s foreign trade, so as to promote balanced and steady economic development.

According to a statement issued on April 20 after a State Council executive meeting chaired by Premier Li, several measures are in the pipeline to prop up foreign trade.

Financial institutions are encouraged to increase financial support for foreign trade enterprises that are “making profits and receiving orders.” The tax rebate rate for some mechanical and electrical products will be increased. And there will be more cross-border e-commerce pilots to support Chinese companies in increasing their overseas presence.

In addition, the statement says “proactive import policies” will be implemented, with extra support for the import of advanced equipment and technologies.

Weak global demand and a slowing domestic economy have caused a blow to China’s foreign trade, which fell 7 percent year on year in 2015. But March data provided some relief, with exports surged nearly 19 percent year on year.