BUSINESS China to speed up foreign trade transformation and upgrade: official

BUSINESS

China to speed up foreign trade transformation and upgrade: official

Xinhua

01:24, October 24, 2019

containers (xinhua).jpg

Containers pile up at Waigaoqiao Port in the Shanghai Free Trade Zone. (Photo: Xinhua)

BEIJING, Oct. 23 (Xinhua) -- China will ramp up efforts to speed up foreign trade transformation and upgrade, according to Commerce Minister Zhong Shan.

Zhong described the country's foreign trade growth as "leapfrog development" when delivering a State Council's report to the Standing Committee of the National People's Congress Wednesday.

China's share of global goods trade soared to 11.8 percent in 2018 from less than 1 percent in 1950, jumping to the first place in the world from the 28th place.

Efforts should be made in the future to optimize trade structure with a focus on jointly building the Belt and Road, Zhong said.

The country will also improve the quality of export products and enhance trade innovation capability while expanding imports and cutting institutional costs of importing procedures.

Meanwhile, China will advance the construction of cross-border e-commerce comprehensive pilot zones and deepen the reform and opening up of service trade, Zhong added.

To facilitate reaching the Regional Comprehensive Economic Partnership agreement as early as possible, Zhong said China will push forward the differentiated trials of pilot free trade zones.


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