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China to nurture new engines of foreign trade

China will roll out policies to facilitate the development of new drivers of foreign trade, a senior customs official said in an interview with Xinhua.

The government is studying bonded policies covering the full industrial chain in a bid to forge new business forms with a competitive edge and nurture new growth engines of foreign trade, said Ni Yuefeng, head of the General Administration of Customs (GAC).

The country’s cross-border e-commerce, market procurement and comprehensive foreign trade service firms have been developing steadily in recent years, becoming new drivers of foreign trade.

China will give full play to the role of comprehensive bonded zones, promote Internet Plus customs and optimize the regulation of the express delivery industry, Ni said, underscoring that the GAC’s reform should meet the demands of market entities and keep with international rules and regulations.

Efforts will also be made to improve the efficiency of customs clearance and cut related fees, so as to better develop a more open economy, Ni added.

Customs data showed that China’s foreign trade expanded 2.4 percent year on year to 28.5 trillion yuan (US$4.14 trillion) in the first 11 months, with the figure expected to reach 30 trillion yuan by year-end.
Source: Xinhua

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