The State Council issued seven opinions on the steady growth of foreign trade

China Government Network announced today the "Several Opinions of the General Office of the State Council on Promoting Steady Growth of Imports and Exports." The opinion pointed out that advancing a new round of higher levels of opening to the outside world is an important support for economic upgrading and efficiency upgrading. We must further promote the facilitation of foreign trade, improve the business environment, reduce the burden on foreign trade companies, promote the steady growth of imports and exports, and foster new advantages in international competition.

First, resolutely clean up and standardize the fees for import and export links. Intensively launched nationwide special campaigns for centralized rectification of corporate fees and charges. The directory list management shall be implemented for the administrative fees and charges for import and export links established according to law and regulations, government funds, and operating service charges for implementing government pricing or guidance. All non-listed charges shall be investigated and dealt with on an irregular basis. We will increase supervision over the implementation of cancellation charges and form a long-term mechanism for loosening the burden on foreign trade companies to prevent the problem of arbitrary charges from rebounding. Strengthen the port’s targeted and effective inspection, eliminate the costs of lifting, shifting, and warehousing for companies that have no problems in inspections. Such expenses are borne by the central government; penalties are imposed on enterprises with problems in accordance with the law.

Second, keep the RMB exchange rate basically stable at a reasonable and balanced level. We will improve the mechanism for the marketization of the RMB exchange rate and expand the two-way floating range of the RMB exchange rate. Further improve the convenience of RMB settlement for cross-border trade and expand the scale of settlement. The study introduced more safe-haven products to help companies avoid exchange rate risks and reduce exchange losses.

Third, increase the support for export credit insurance. We will further expand the scale of short-term export credit insurance and increase support for the development of small, medium and micro enterprises and emerging markets. The realization of large-scale complete sets of equipment export financing insurance should be guaranteed to further simplify the process.

Fourth, accelerate the development of new business models for foreign trade. We will promptly implement the "Guidelines for Promoting Healthy and Rapid Development of Cross-Border E-Commerce" by the General Office of the State Council (Guobanfa [2015] No. 46). Actively promote the construction of the China (Hangzhou) Cross-border E-Commerce Comprehensive Experimental Zone. We will promptly start the pilot work of expanding market procurement trade mode and include Jiangsu Haimen Dieshiqiao International Textile City and Zhejiang Haining Leather City as pilot sites. Formulate policies and measures to support the development of foreign trade comprehensive service enterprises. By the end of 2015, the plan to further expand the scope of relevant pilot projects and promote new business models for foreign trade will be implemented in early 2016.

V. Continue to strengthen import work. Expand the coverage of import credit for preferential interest rates, and include the Catalogue of Encouraged Import Technologies and Products. Before the end of July 2015, the "Imported Catalogue of Encouraged Import Technologies and Products" was adjusted to adjust the scope of import discount interest policies and promote the upgrading of domestic industries. We will improve the policies concerning the import of consumer goods, carry out trials to reduce import tariffs for some consumer goods with large domestic demand, set up additional port entry duty-free shops, expand tax-exempt varieties reasonably, increase a certain amount of tax-free shopping, and enrich domestic consumers' shopping choices.

6. Further improve the level of trade facilitation. Further simplifying government power and improving service efficiency. Further implement the classification management measures for export tax refund enterprises, accelerate the progress of export tax rebates, and ensure timely and full refunds. Improve the efficiency of customs clearance at ports, strengthen inter-departmental and inter-regional customs clearance, and accelerate the formation of a national integrated customs clearance management structure. Accelerate and replicate the trade facilitation measures in the promotion of free trade trial zones, and carry out “single window” pilots of international trade at coastal ports.

VII. Effectively improve financing services. Increase financial support for order-making and profitable companies. Encourage the use of syndicated loans, mixed loans, and project financing to support enterprises in opening up international markets, develop international capacity cooperation, and promote Chinese equipment "going out." Support financial institutions to carry out financing services such as export tax refund account custody loans. Encourage commercial banks to carry out export credit insurance policy financing business in accordance with the principle of risk control and commercial sustainability. We will vigorously expand the business of entrusted loan platforms for foreign exchange reserves, continue to expand the scope and coverage of entrusted loans for foreign exchange reserves, and further promote the diversified use of foreign exchange reserves. Under the framework of macro and micro prudential management, steadily ease the overseas debt financing of domestic enterprises’ RMB and further facilitate multinational enterprises to carry out RMB two-way capital pool business.

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