Global Trade Alert

On 12 September 2012, the State Council of the People's Republic of China announced the adoption of eight policies for the promotion of foreign trade, with the aim of boosting economic development.
The details on the new policies are as follows:

1. Ensure export tax reductions at a higher speed;
2. Support export trade financing for small and micro enterprises and increase loans to qualified export enterprises;
3. Widen the scope and coverage of export credit insurance, with special consideration for small and medium size enterprises. Expand short-term insurance businesses and implement special arrangements for export-financing insurance;
4. Improve the level of trade facilitation via simpler approval procedures and cheaper custom clearance procedures. Reduce the statutory inspection and quarantine directory and exempt entry-exit inspections and quarantine fees;
5. Concentrate on import trade remedies in order to protect domestric industries;
6. Increase imports, mostly in technology, equipment and key parts and components sectors;
7. Support enterprises that want to explore emerging markets;
8. Incrase the degree of trade-openess of central and western China.

The above measures function as a general framework for foreign trade promotion, but it is estimated that the State Council may adopt more detailed measures in the near future.
These policies facilitate the discrimination against foreign commercial interests.