SHANGHAI — Vice-Premier Wang Yang has urged domestic enterprises to innovate their way out of downward trade pressure by cultivating new competitive edges.
China is facing continuous downward trade pressure due to sluggish external demands and structural problems, but still enjoys promising growth prospects in the long term, Wang said during a recent inspection tour to trade firms or platforms in Shanghai, according to a press release on July 10.
Enterprises should push ahead with structural reforms to upgrade their business and enhance competitiveness based on technology, quality, service and brand, Wang added.
Governments at all levels should support emerging business models such as cross-border e-commerce and encourage enterprises to develop their own brands and marketing networks.
Meanwhile, processing trade could be transferred to the central and western regions, the vice-premier said, adding that China will further open up its modern service sector and develop service trade.
Wang also met foreign representatives attending the two-day G20 Trade Ministers Meeting in Shanghai, which ended on July 10.