China wants to further reform its foreign trade regime

China wants to further reform its foreign trade regime

Chinese MOFCOM Ministry of Commerce will soon unveil a new policy on providing comprehensive services and support to foreign trade enterprises

The new policy is dedicated to deepen the reform of foreign trade regime to enable different types of market entities, including foreign trade enterprises to compete in a more fair, just, well regulated and transparent way.

As we are all well aware, Chinese imports and exports achieved a 7.7 % growth in the first nine months of 2013. On the outlook for the fourth quarter officials are confident that there will be steady growth. Exports will slightly grow whereas imports will likely continue its trend of market growth in the next few months.

According to HKTD Hong Kong Trade Development Research, the official ministry spokesmen Shen Danyang, underlines “that foreign trade still faces the challenge of insufficient demand from emerging markets. At the same time, soaring export costs resulting from the appreciation of the Chinese currency, rising labour cost and other factors continue to trouble foreign trade enterprises.”

Danyang commented also the consumer trend and named three drivers for the fourth quarter: PMI Purchasing Managers Index, electricity consumption and freight volume are looking good, the macro-economic environment has further improved, and the consumer market is to expect further growth. News consumption hotspots and consumption patterns, such as new types of products and services, online and holiday consumption are taking shape. And the series of policies and measures recently introduced by the government to promote consumption, such as those designed to expand IT sector consumption, consumption by older adults, health care and travel and leisure are gradually picking up and will provide the basis for further expansion of consumption.

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