China will pledge more efforts to stabilize foreign investment and trade this year, according to the Ministry of Commerce (MOC) at a press conference held on Wednesday.
Wang Wentao, the minister of the MOC revealed that, continuing to strengthen policy support for the foreign trade enterprises will be the top priority for China this year, to ease burdens of logistics and export credit insurance for the firms.
More industrial parks for processing trade and import trade innovation demonstration zones are expected to be established this year, Wang said, adding that the ministry will also enhance international cooperation for foreign trade enterprises through international exhibitions such as the upcoming 4th China International Import Expo (CIIE), and China International Fair for Trade in Services (CIFTIS) 2021.
The new business model, taking cross-border e-commerce as an example, flourished during the COVID-19 epidemic. In 2020, China's cross-border e-commerce reached a total import and export volume of 1.69 trillion yuan, an increase of 31.3 percent over 2019. The ministry pledges to fully support the development of new business models.
Noting the situation of foreign investment and trade this year, Wang Wentao said that China's actual use of foreign investment in non-financial sectors surged by 4.5 percent last year, making China the world's largest foreign investment recipient.
Wang added that amid the complex environment for foreign investment, the ministry will focus on stabilizing the utilization, optimizing the structure and improving the quality of foreign investment.