The Ministry of Commerce announced on Sunday that China has implemented a range of policies to maintain the stability of its foreign trade and enhance its structure in light of uncertain external demand, trade risks, and other challenges. According to Vice Commerce Minister Wang Shouwen, the country will create more opportunities, stabilize trade of important products, and support foreign trade companies to ensure stable foreign trade scale. Additionally, China will revive domestic offline exhibitions, facilitate the resumption of international passenger flights, issue country-specific trade guidelines, improve foreign trade financing services for medium, small, and micro enterprises, and help automakers establish and improve their international marketing and service systems. To enhance foreign trade structure, China will guide the transfer of processing trade to the central, western, and northeastern regions, introduce green and low-carbon standards for some foreign trade products, assist enterprises in utilizing cross-border e-commerce retail export-related tax policies, and enhance customs clearance efficiency. Official data showed that China’s foreign trade has started 2023 on a steady note, with total goods imports and exports increasing by 4.8 percent year on year in the first quarter.
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