China to Boost Foreign Trade, Investment

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Last updated at: (Beijing Time) Wednesday, March 06, 2002

China to Boost Foreign Trade, Investment

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CHINESE

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China will do a good job in foreign trade and investment so that resources and markets at home and abroad are both used effectively, said Zeng Peiyan, minister in charge of the State Development Planning Commission on Wednesday.

"China will take full advantage of the rights it enjoys as a member of the WTO while working in earnest to fulfill its commitments to the organization," Zeng said in a report to the ongoing Fifth Session of the Ninth National People's Congress (NPC).

Everything possible will be done to increase the country's volume of exports. No time should be lost in reforming and improving the system of export tax rebates. There will be tax exemptions, discounts or rebates for all exports carried out by producers on their own or through commission agents, Zeng said.

Export credit will be expanded and export credit insurance mechanisms will be improved. Policy-related financial institutions will increase their support for exports. Customs clearance procedures will be simplified to improve efficiency.

"We will continue to diversify export markets. While consolidating and expanding traditional markets, we will open emerging markets such as Russia, East Europe and Latin America," the minister said.

Great efforts will be made to diversify the types of organizations engaging in foreign trade, restructure foreign trade more thoroughly and further ease restrictions on who can engage in foreign trade. Vigorous efforts will be made to diversify the forms of exports.

The strategy of going global will be vigorously promoted by encouraging suitable Chinese enterprises to invest, develop and contract to build projects abroad. This will spur exports of equipment, materials and labor and stimulate import of goods and resources that are in short supply in China. Careful arrangements will be made to import key equipment and technologies and important raw and processed materials that are badly needed in the country.

"We will continue to improve the investment environment. We must work hard to acquire advanced technologies and managerial expertise as well as outstanding personnel from other countries. We will ensure a steady increase in foreign capital input while improving the performance of foreign capital utilized," Zeng Peiyan said.

Foreign investment will be guided toward modernization of agriculture, high-tech industries, development of infrastructure and the western region and reorganization and upgrading of state- owned enterprises. Service trade and other areas will be opened to the outside world step by step.

"We will continue to use foreign preferential loans effectively. The method of managing foreign debts needs to be improved to reduce debt risks," he said.

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