Photo shows the entrance to the Chinese Ministry of Commerce (MOC) in Beijing, capital of China. (Xinhua/Li He)

 
China’s State Council held press conference on Monday to detail its circular in promoting integrated development of domestic, foreign trade. Multiple departments presented policies and showcased their efforts.

Chinese ministry of Commerce (MOFCOM), General Administration of Customs (GAC), State Administration for Market Regulation (SAMR) and National Administration of Financial Regulation (NAFR) demonstrated measures issued for integrated domestic, foreign trade growth at the conference, with an emphasis on matching domestic and foreign standards in trading. 

In the first 10 months of 2023, 4.7 percent more industrial enterprises above designated size integrated domestic and foreign trade, which was promoted by the further convergence of domestic and foreign trade rules and systems, according to MOFCOM. 

As of October 2023, domestic and foreign trade rules were further articulated, with the conversion rate between domestic and international standards exceeding 80 percent, the number in key technology indicators for major consumer goods including household appliances, textiles and garments reached 95 percent, according to MOFCOM and SAMR.

By 2025, MOFCOM is expected to significantly improve the degree of consistency in key technical indicators between national and international standards, pushing the conversion rate to exceed 85 percent, while introducing Chinese standards to the international market. 

In recent years, MOFCOM continued to strengthen the integration of domestic and foreign trade. Since 2023, along with 14 other departments, it carried pilot domestic and foreign trade integration programs in nine regions, cultivated 827 leading enterprises of foreign trade integration in Zhejiang, and promoted reforms and innovations in key areas. 

In promoting integrated development of domestic and foreign trade, GAC emphasized matching domestic and international inspection standards, while promoting the convergence of rules and systems for domestic and foreign trade integration, docking market channels and optimizing the development environment. 

Based on the measures set by the State Council, SAMR aim to break down protection and industry barriers that hinder the integrated development of domestic and foreign trade, and continue to promote the convergence of domestic and international standards, accelerating the mutual recognition in conformity assessment. 

NAFR announced further implementation of policy documents supporting the development of domestic and foreign trade, supervising banks and insurance institutions in providing financial services for trading enterprises, including small and micro-enterprises, to help them to expand in internal and external markets. 

On December 11, the Chinese State Council released a circular including 18 measures to accelerate integrated development of domestic and foreign trade, with a focus to remove regulatory and other barriers, helping companies to explore both domestic and international markets.

The circular was revealed under a current complex business external environment and shrinking domestic demand in some fields, aiming to boost China's high-quality economic development.