By Guo Yiming
China has introduced a series of measures to stabilize foreign trade as part of the country's new round of policies aimed at boosting economic recovery, according to a press conference in Beijing on Monday.
Li Fei, assistant commerce minister, said China's foreign trade has demonstrated strong resilience this year as it reached a total volume of 23.6 trillion yuan (US$3.4 trillion) from January to July, up by 10.4% year on year.
Li Fei, assistant minister of commerce, attends a policy briefing in Beijing on Sept. 5, 2022. [Photo by Xu Xiang/China SCIO]
But to meet various uncertainties in foreign trade such as weakened international demand, Li said that China will accelerate the development of new models in foreign trade such as cross-border e-commerce and market procurement, and encourage the construction of overseas warehouses.
Li said the country will also support domestic manufacturers of new energy vehicles (NEVs) in their bid to expand to the international market. In the first seven months this year, the export of NEVs grew by over 90% year on year, marking a significant rise in popularity of Chinese vehicles overseas.
To help foreign trade firms receive more international orders, Li said the Ministry of Commerce (MOC) will provide convenience for firms to attend overseas exhibitions and encourage trade agencies and exhibition service providers to host events outside China.
Against a complicated external environment, Li said the MOC, together with other departments, will help foreign trade firms strengthen their awareness of exchange rate risks, and encourage banks to create new products that can help small- and micro-sized businesses to avert exchange rate risks and facilitate their cross-border RMB settlement.
Looking forward, the MOC and other related departments will introduce more detailed measures to ensure that the policies can bring benefits to businesses soon, Li said.
