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Revitalizing China's gloomy exports (5)

By Lan Xinzhen (Beijing Review)

08:15, September 26, 2012

Policy suggestions

When visiting Guangdong Province, Premier Wen came chalk-full of suggestions to improve exports, including government plans to improve policies on stabilizing exports, accelerating the process of tax rebates and enlarging the scale of export credit insurance. Furthermore, China should improve financial services and guide financial institutions to introduce more products to evade exchange rate risks while paying close attention to market changes. Finally, China should encourage enterprises engaged in foreign trade to nurture intellectual property rights, develop independent brands and build up international distribution networks.

Industrial insiders believe that given the present circumstance, the government should take full advantage of financial institutions and raise the coverage of export credit insurance, cut insurance premiums and enlarge the scale of insurance payouts.

Zhang Lei, a macroeconomic analyst at Minsheng Securities Co. Ltd., said export credit insurance is an international practice adopted by a number of countries to support exports. The aim is to encourage enterprises to expand exports because the government assumes foreign exchange risks. To strengthen the support of export credit insurance is conducive to both expanding exports and reducing international anti-subsidy litigations against Chinese products and reducing trade frictions. Compared to international levels, China still has room to cut premiums to export credit insurance.

Mei Xinyu, a research fellow at the CAITEC, believes that China must adopt the following measures in order to revitalize its exports. First, the measure that helps its trade partners, such as the EU, to stabilize their economies, thus benefiting China from bailing out heavily indebted European nations. Second, the effort to carry out taxation and financial policies for stabilizing exports. Third, accelerated pace in implementing foreign aid plans to help drive up exports and overseas engineering contracts.

MOFCOM spokesman Shen Danyang said the ministry is considering adopting measures in two respects. First, it will implement government policies to support the steady growth in foreign trade, particularly helping enterprises to reduce export costs and improving the trade environment. Second, it will continue encouraging enterprises to transform their pattern of growth and upgrade their structures.

"We will strengthen efforts in developing a pluralistic market and try to realize the goal fixed at the outset of this year," Shen added.

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