Daily Management Review

China Stresses On Promise To Lower Trade Barriers And Increase Market Access To Foreign Firms


A slowdown in its domestic economy and the hit by the trade war with the United States is forcing China to make concessions to boost the economy. As a part of that effort, the Chinese government further reiterated its commitment to further open up its economy and increase the access of foreign companies to more sectors of its economy while also lowering of the existing non-tariff trade barriers.
According to the official Xinhua News Agency, Chinese firms would further expand into markets in Asia, Africa and Latin America, there would be greater cooperation with all the countries that have already signed up to its Belt and Road infrastructure initiative and its trade with its neighboring countries would be increased, said a lengthy document by the State Council, the country’s cabinet, that laid out areas for improvement.
The over 16 month old acrimonious trade war with the United States has rattled the global financial market, roiled the global financial markets and threatened to slow down the global economy with some even fearing it being pushed into a recession. There is a growing uncertainty about whether Beijing and Washington can reach a phase one agreement that would help to avert another fresh round of tariffs by the US even though there are reports that the two sides are claiming to have made good progress in the negotiations for the partial trade agreement.
The Chinese State Council said that Beijing will maximize the role foreign capital inflow into the country because it is the driver of high quality development of trade and for the industrial upgrade of the country. It also added that China will boost trade by increasing policy support.
While the Chinese State Council pledged to increase punishment in the case of intellectual property theft so that there is better protection of intellectual property rights, it also said that Beijing also plans to lower down the import taxes and increase imports of agricultural goods and services.
There was a contraction in the exports of China for the third straight month in October while there was also shrinking of imports for the sixth consecutive month primarily because of the effect of the trade war with the US.
The government said that it will its efforts to create an export control system to manage trade risks will be sped up, but did not elaborate on how that would be done. It also said that calls to relevant countries will also continue to be given to reduce export controls on China.