China's State Council has called on local authorities to increase their efforts in effectively implementing policies to maintain the stability of the country's foreign trade.
The council issued the statement after an executive meeting presided by Premier Li Keqiang on Tuesday, China Daily reported. According to the statement, the trade facilitation measures that were initially adopted in the country's free trade zones should also now be implemented in other regions to enhance trade in these areas.
China began implementing such policies since 2013 to encourage foreign trade growth. With the policies, China has been able to remain as the world's largest economy in terms of trade in the last few years.
However, foreign trade has decreased by 3 percent in the first seven months of 2016, with exports going down by 1.6 percents and imports by 4.8 percent. The slowdown was attributed to the global financial crisis that has occurred in the last few years.
To reinvigorate foreign trade, the council also said that it is necessary for financial institutions to provide credit support for companies that are exporting goods, as well as help them in dealing with exchange rate risks and widening coverage for export insurances.
On the other hand, local authorities were tasked with clearing management fees that ports and shipping companies incur. According to University of International Business and Economics professor Sang Baichuan, these fees are some of the hurdles that prevent trade companies from fully expanding their businesses.
Li stressed the importance of maintaining the growth of foreign trade in order to attract more foreign investments in the country. He added that an increase in imports for this year could help boost exports next year.
The council also said that bilateral investments will be further pursued in accordance with the Belt and Road Initiative being pushed by the government, China.org reported.
"China is now deeply integrated with the world economy, and our international competitiveness will be better enhanced through opening up," Li remarked.