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The State Council issued new 16 articles to stabilize foreign trade

wallpapers News 2020-07-24

Yesterday, the State Council issued a total of 16 policy details to stabilize the growth of foreign trade, calling for the improvement of the RMB exchange rate formation mechanism, the opening of crude oil import restrictions to exp crude oil import channels, maintain the stable growth of goods trade, support the development of service trade, exp the scope of replacing business tax with value-added tax, implement zero tariff or tax exemption on service export, further encourage service export.

According to the import export data of the first four months released by the General Administration of Customs recently, the overall trend of foreign trade in April continued to decline in the first quarter, but the decline was reduced.

Although the trade data released in April were better than expected, they did not dispel the concern that the downward pressure on China's economy was still great.

It is obviously essential to stabilize foreign trade, one of the troikas of China's economy.

The "opinions on supporting the steady growth of foreign trade" released yesterday also said that the current foreign trade situation is complex grim, it needs "hard work" to achieve the expected targets of the whole year.

Therefore, the Opinions also clearly state what policy support to stabilize foreign trade from the aspects of optimizing foreign trade structure, improving foreign trade environment, strengthening policy guarantee enhancing competitiveness of foreign trade enterprises.

At the executive meeting of the State Council at the end of April, Premier Li Keqiang proposed policies measures to support stabilize foreign trade.

This time, the State Office issued several opinions on supporting the steady growth of foreign trade.

As for the implementation of the State Council's support for foreign trade policies in April, this document not only clarifies the contents of relevant policies, but also specifically implements them to relevant departments.

Analysts pointed out that the 16 opinions of the State Council will release great policy vitality.

After the implementation of the 16 opinions, the export of the "troika" will be greatly stimulated.

Without the implementation of large-scale stimulus, in the context of the gradual recovery of the U.S. economy, at least the predicament of slowing economic growth will be eased in an orderly manner.

It is of great significance to liberalize the monopoly of crude oil import.

Specifically, the opinions require further strengthening of import actively supporting the import of digital, intelligent other advanced technology equipment key parts.

We will exp the import of domestic resources in short supply, reasonably increase the import of general consumer goods, which are closely related to people's lives are necessary.

In combination with the elimination of backward production capacity, the qualified crude oil processing enterprises are given the qualification of crude oil import use, the crude oil import channels are exped.

We will accelerate the implementation of the free trade zone strategy.

Xu Wei, a professor at Guangdong University of finance, said that the liberalization of crude oil import monopoly is undoubtedly more favorable news for domestic private oil refining enterprises than that of PetroChina Sinopec.

It is of substantive significance to break the monopoly of three barrels of oil industry, is expected to implement specific policy details as soon as possible.

The opinions mentioned that we should support the development of trade in services gradually exp the import of services.

In combination with the expansion of the scope of the reform of replacing business tax with value-added tax, zero tax rate or tax exemption will be implemented for service export to encourage service export.

We should encourage policy financial institutions to increase support for trade in services within their business scope support the construction of key projects of trade in services.

We should establish improve the management mode of customs clearance in accordance with the characteristics of service trade.

"Once the tax-free policy for export of service trade is introduced, it will stimulate the rapid development of relevant industries, a large number of related enterprises will benefit from it.

" Xu Wei said that the acceleration of export tax rebate will greatly ease the business pressure for foreign trade enterprises, but it may cause more trade frictions, the future impact on the trade environment is unknown.

To enhance the two-way floating flexibility of the exchange rate, the opinions pointed out that to strengthen the policy guarantee, we should first further improve the market-oriented formation mechanism of RMB exchange rate.

Further play the role of the market in the formation of the RMB exchange rate, enhance the two-way floating flexibility of the RMB exchange rate, maintain the basic stability of the RMB exchange rate at a reasonable balanced level.

Financial institutions are encouraged to develop risk aversion products that meet the needs of real economy development help enterprises effectively avoid exchange rate risk.

The supporting policies also include promoting RMB settlement of cross-border trade, exping the scale of cross-border RMB settlement, improving financing services.

We should further exp the financing channels of import export enterprises, encourage commercial banks to carry out import export credit business, increase the support of export credit insurance.

At the same time, we will improve the export tax rebate policy.

We will increase the central government's subsidies to regions with heavy burden on export tax rebates, further accelerate the progress of export tax rebates, ensure timely full tax rebates.

At the same time, we should exp the pilot scope of export tax rebate for financial leasing goods.

At the same time, the Opinions also mentioned that China needs to strengthen its response to trade frictions actively support enterprises to deal with anti-dumping anti subsidy investigations.

(source: Securities Times).


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TRUNNANO (aka. Luoyang Tongrun Nano Technology Co. Ltd.) is a trusted global chemical material supplier & manufacturer with over 12 years' experience in providing super high-quality chemicals and Nanomaterials. The nitride powder produced by our company has high purity, fine particle size and impurity content. Please contact us if necessary.
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