Premier Li Keqiang presided over the State Council executive meeting to promote solutions for issues faced by enterprises in developing domestic and foreign trade with the same line, same standards, and same quality products.

According to the report by China National Radio's China Voice "News and Newspaper Digest," recently, Premier Li Keqiang presided over a State Council executive meeting to determine counter-cyclical adjustment measures to promote stable development of foreign trade; and to deploy the implementation work after the Regional Comprehensive Economic Partnership Agreement comes into effect.

The meeting pointed out that this year China's imports and exports have grown rapidly, making an important contribution to stabilizing economic growth. However, foreign trade currently faces increasing uncertainties, instabilities, and imbalances. It is necessary to implement the deployment of the Party Central Committee and the State Council, follow the requirements of the Central Economic Work Conference, further expand opening-up, carry out counter-cyclical adjustments to address difficulties and challenges, help enterprises relieve difficulties especially supporting small and micro enterprises, strive to secure orders and stabilize expectations, and promote stable development of foreign trade. First, implement tax and fee reduction measures. Compress the average export tax rebate time to within 6 working days. Guide banks to innovate products such as policy financing based on enterprise needs. Maintain the basic stability of the RMB exchange rate, encourage banks to carry out forward foreign exchange settlement and sales business to enhance enterprises' ability to cope with exchange rate risks. Optimize export credit insurance underwriting and claims conditions, increase protection for small and micro foreign trade enterprises and risks such as order cancellations before shipment. Manage bulk commodity imports well. Second, further encourage the development of new foreign trade formats. Establish additional cross-border e-commerce comprehensive pilot zones. Cultivate a number of offshore trade center cities. Increase support for the construction and use of overseas warehouses in a market-oriented manner. Expand the categories of imported retail goods for cross-border e-commerce. Third, strengthen supporting services to help solve problems enterprises face in developing domestic and foreign trade with the same line, same standard, and same quality products, and improve supply chains. In 2022, temporarily exempt processing trade enterprises from paying deferred tax interest on domestic sales. Fourth, alleviate international logistics pressure. Encourage foreign trade enterprises and shipping companies to sign long-term agreements. Crack down on illegal charges and price gouging in accordance with laws and regulations. Fifth, support localities to establish and improve systems based on actual conditions to help stabilize industrial and supply chains.

The meeting also pointed out that the Regional Comprehensive Economic Partnership Agreement will come into effect on January 1 next year. Enterprises should be supported to seize the opportunity to enhance international market competitiveness, further improve the level of trade and investment development, and drive domestic industrial upgrading. First, encourage enterprises to make good use of member countries' tariff reductions, rules of origin accumulation, etc., to expand exports of advantageous products and imports of competitive products. Strengthen cooperation on high-end green industrial chains and manufacturing projects within the region, and improve the level of service industry and investment openness. Second, optimize the business environment by benchmarking international standards and rules, actively introduce regional funds and talents. Third, further strengthen training and other services for small and micro enterprises through government procurement of services to improve their understanding and application of rules. Fourth, promote the implementation and institutionalization of the agreement by more members. Help leverage the role of the World Trade Organization, adhere to free trade. Advance negotiations on other multilateral and bilateral free trade agreements to promote high-level opening-up.

The meeting also studied other matters.