After economic activity cooled sharply amid pressures from weakening external demand and a COVID-19 resurgence, officials and analysts said China is taking concrete steps to stabilise foreign trade and investment. The commerce ministry will ramp up efforts to resolve difficulties and problems faced by foreign firms related to investments and operations.

The ministry will also try to optimise a business environment that is market-oriented, rules-based and internationalized, ministry spokesman Gao Feng told a recent news conference.

After economic activity cooled sharply amid pressures from weakening external demand and a COVID-19 resurgence, officials and analysts said China is taking concrete steps to stabilise foreign trade and investment. The commerce ministry will ramp up efforts to resolve difficulties and problems faced by foreign firms related to investments and operations.

Commenting on foreign enterprises’ needs like promoting the resumption of work and production and ensuring smooth logistics, he said the ministry will work with other relevant departments to study and resolve the difficulties, according to official Chinese media.

The growth of foreign trade and investment in China was stable at the beginning of the year. In terms of renminbi, the nation’s imports and exports surged by 7.9 per cent year on year from January to April, data from the National Bureau of Statistics showed.

Over those four months, China’s actual use of foreign capital increased by 20.5 per cent year on year, according to the ministry.

However, recent COVID-19 outbreaks this spring in areas such as Beijing and Shanghai have created challenges for the nation’s economy.

Sheng Qiuping, vice minister of commerce, said told a recent news conference that China has the confidence and determination to stabilise foreign trade and investment despite mounting challenges.

Sheng said the ministry will make a big push to further implement existing policies, introduce more supportive measures and boost the expectations of foreign traders and companies.

More efforts will also be made to increase support for small and medium-sized foreign traders, attract foreign investment to manufacturing and research centers, ensure smooth logistics and resolve problems faced by foreign companies.

Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, said China is determined to continue expanding its high-level opening-up efforts, including by making continuous revisions to its negative list for foreign investment and building a unified national market, offering new business opportunities for global stakeholders.

Looking ahead, he said he expected to see more efforts to further open up the services sector, adding that the country will take a more proactive approach to better align with international economic and trade rules.

Fibre2Fashion News Desk (DS)