China rolls out measures to increase exports
This was spelled out in a guideline document released by the State Council on Monday.
The State Council stresses in the document that governments at all levels should improveefficiency in 14 areas.
These include optimizing tax refund policies for certain exports, enhancing export creditinsurance, and offering more financial support to Chinese manufacturers.
Exports in yuan-denominated terms increased by 4.1 percent year-on-year and imports fell by 5.7percent, according to the General Administration of Customs.
Lin Guijun, a professor of international trade at the University of International Business andEconomics in Beijing, said, "In addition to weak global demand, other uncertainties, such asfluctuation of foreign currencies and policy adjustment in major economies, had an impact onglobal trade and China's foreign trade volume last month.
"China's goal to increase import volume over the next five years will stimulate service tradeopportunities for developed countries, as the government is offering wider market access toglobal companies," Lin said.
The service trade refers to the sale and delivery of intangible products, such as tourism, financialservices and telecommunications services.
The guideline states that other new measures, such as cross-border e-commerce, multimodellogistics services and the government procurement trade, will also help private companies todiversify their global sales channels to enhance their earning ability under the current globalbusiness situation.
The government will support high-end manufacturing industries to build after-sales stations orcenters and training schools overseas to improve their brand influence.
China's four pilot free trade zones in developed coastal areas, including Shanghai andGuangdong, are spearheading structural reforms to make it easier to start businesses and grantforeign companies more access to the service sector.
Loosened capital controls and wider access to sectors that remain closed or restricted to foreigncompanies elsewhere triggered a surge in new business registrations and cross-bordertransactions in these zones between January and April.
Denis Depoux, deputy president of Roland Berger Strategy Consultants for Asia, said China'spolicymakers will be increasingly evaluating economic, environmental and operational efficiency,and upgrading manufacturing facilities toward more automated, digitally controlled andresponsive factories.