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China to Further Lower Export Benchmark for Private Sector
China will treat privately-owned ventures and State-owned enterprises the same way in terms of granting the right to do foreign trade business very soon, a senior trade official said in Kunming Friday, December 8.
Sun Zhenyu, vice-minister of Foreign Trade and Economic Cooperation (MOFTEC), said in a speech at the non-state-owned enterprises trade fair, which began in Kunming Friday, that the benchmark for the right to do import and export business for applicants from the private sector will be further lowered.
China began to grant the right to do foreign trade business to privately-owned manufacturing ventures in January last year. So far, more than 1,000 private businesses have been given the authorization.
In addition, MOFTEC has hosted seminars for private ventures, briefing them on China's foreign policy and the procedures for doing foreign trade business.
Sun said that the private sector will have a greater role to play in the coming years as the country is moving closer to the World Trade Organization. The private sector will enjoy a multi-lateral, stable and predictable competition environment, the same as other kinds of ventures.
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