MOFCOM: China's foreign trade policy to keep stability


Both import and export growth declined in January in China. At a work conference on imports and exports held on Monday, the Ministry of Commerce noted that China's foreign trade policy will remain stable this year.

This came as the country is facing a severer foreign trade situation due to uncertainties clouding the world economy.

According to the Ministry of Commerce, policies on tax, currency, finance and trade will be kept stable this year. To keep stable tax rebate policies, the government will raise the tax rebate rate for high-tech, high value added and labor-intensive products to an appropriate level.

Wang Shouwen, the Director of DEPT. of Foreign Trade, MOFCOM, said:" We will work on accelerating the tax rebate procedure and guaranteeing the full amount of the rebate. To support foreign trade, we are also cooperating with the customs and quality control department to lower the charges to enterprises."

The ministry will also push for renminbi settlement for exporters, and support commercial banks to provide loans to small and micro-sized enterprises.

Meanwhile, the ministry noted that it will work more on improving the foreign trade structure, such as looking at the export market.

Wang also said:" The growth rate of exports to traditional markets like Europe, the U.S. and Japan was less than 20 percent in 2011. While the rate to BRICs nations was 27 percent, and to other developing countries was 25 percent. This year, we'll further progress the export market in developing countries."

Besides exports, the Ministry also noted that China would make efforts to improve the situation when it comes to imports. To that end, China will continue to offer zero-tariff policies to some under-developed countries.

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