Photo: VCG

China is planning to increase its foreign trade volume from $4.65 trillion in 2020 to $5.1 trillion by 2025, an average annual increase of 2 percent, China's Commerce Ministry said in a 14th Five-Year (21-25) Business Development Plan it published on Friday.

According to the plan, China will expand the import of high-quality consumer goods, advanced technology, important equipment, energy resources, and improve the quality of exports to achieve the goal.

It also aims to establish a green and low-carbon trade standard and certification system, create a green trade development platform, vigorously develop high-quality, high value-added green product trade, and strictly manage the export of high-polluting and high energy-consuming products, the plan read.

In terms of international market layout, China's main trading partners are now the ASEAN, the European Union, the US and Japan, and the four together account for more than half of China's total foreign trade. The plan proposes to guide enterprises to deepen trade cooperation with developed economies, actively expand trade with emerging markets such as Asia, Africa, and Latin America, expand the scale of trade with neighboring countries, and stabilize international market shares.

Aside from efforts to increase foreign trade, China will also further shorten negative lists for foreign investment, as it aims to attract foreign investment totaling $700 billion from 2020-25, commerce ministry said, vowing to further open up China's capital market.

The plan stated that it is necessary to continue to relax market access for foreign investment, continue to promote the opening-up in manufacturing, service industries, and agriculture, and allow foreign holdings or sole proprietorship in more areas. It will also promote the opening-up of related businesses in the fields of telecommunications, Internet, education, culture, and medical care.

Global Times