China vows to promote the integration of home and foreign trade in 2004

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Last updated at: (Beijing Time) Wednesday, December 31, 2003

China vows to promote the integration of home and foreign trade in 2004

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As disclosed from the National Commerce Conference Dec.29 China plans to integrate the domestic and foreign trade in 2004 and harmonize the home development and opening-up to the outside in a bid to make the speed, quality and benefits of various commercial sectors play together in tune.

Yu Guangzhou, Vice-minister of Ministry of Commerce, highlighted nine main tasks for next year's commercial work.

Top on the list is to strengthen the supervision and adjustment of market operation and guarantee market supply and stability. Furthermore, we should invigorate the social and residents' consumption and foster the new growth in consumption.

This is followed with the optimization in the composition of import and export in order to maintain a stable and balanced development of foreign trade. The existing export structure should be upgraded by boosting the export of hi-tech products and with this to motivate the export of mechanical and electrical products --- which will definitely push the total export up. Processing-originated trade should be improved. Imports are to be increased in a reasonable way.

The third task is to focus on the further improvement of the soft environment for investment. Efforts should be made to absorb foreign investment on a relatively large scale so as to use well the foreign investment for better result.

Effective use of the existing resources in the development zones is the fourth task. New advantages of national economic and tech development zones should be fostered in order to bring into full play its role as the leading sector and demonstration for China's opening-up. Meanwhile, management and administration over the development zones should be enforced and any breach of the state policies shall not be tolerated.

A faster pace of "going in for international" is the fifth task. Empowerment of approval administration on overseas investment and a better service system to facilitate the overseas investment will create a more favorable system and policy environment for enterprises to march into the world market. Great efforts should be made on overseas resources exploitation, overseas projects contracting, and overseas processing and assembling trade.

The sixth task is to accelerate the construction of a unified, open, competitive and orderly modern market system. We should promote the new channels of goods flow and new ways of incorporation, such as chain store operations, franchising business, logistics and distribution, and e-commerce.

The seventh is to further multilateral, bilateral and regional economic cooperation. This includes the improvement and maintenance of the economic ties with our major trade partners and the deepening of cooperation with our neighboring countries and other developing nations in the economic and trade field.

To be better adapted to the WTO framework is the eighth in which China should honor its WTO commitments perfectly on one hand, and sharpen the competitive edge of its domestic industries on the other. Besides, precautions system should be improved to firmly protect our national interests and economic security. The multilateral rules and the WTO dispute settlement mechanism should be fully availed of to cope with and ease off trade frictions in an all-round and multi-tiered way.

The last but not the least is to further rectify and regulate the market order and speeding up the building of the social credit system.

(By PDO with article from People's Daily and translated Lijia)

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