Govt vows to stabilize foreign trade

Premier Li calls for targeted policies to 'forestall damage' to wider economy

China will work to shorten the negative list on foreign investment and encourage financial institutions to increase foreign trade loans to cope with the impact of the novel coronavirus epidemic and keep steady progress in foreign trade and investment.

This was decided at the State Council's executive meeting chaired by Premier Li Keqiang on Tuesday.

"Keeping foreign trade and foreign investment stable is vitally important as the Chinese economy is deeply integrated into the world economy. Given the severe impact of the epidemic on foreign trade, we must implement targeted policies to arrest the slide in foreign trade and foreign investment, to forestall damage to the wider economy," Li said.

Efforts must be intensified to shorten the negative list on foreign investment and expand the number of industries in which foreign investment is encouraged, so that foreign investors in more sectors benefit from tax and other incentives, said a statement issued after the meeting.

Participants at the meeting called for sound preparations to be made for the China Import and Export Fair (Canton Fair) this spring to bolster cooperation in the nation's foreign trade.

The meeting decided that all export tax rebates must be made in full and without delay except for energy intensive, polluting and resource sectors.