The tone-setting Central Economic Work Conference in December identified demand contraction

International consumption promotional activities are also being eyed to boost imports of consumer goods. In addition, overseas storage facilities got a mention in the guidelines, with financial institutions that offer cross-border financial services being encouraged to beef up financial support for traditional trade firms, cross-border e-commerce businesses and logistics firms so that they can build and utilise overseas warehouses.

Trade firms are expected to increase their awareness and capabilities when it comes to averting foreign exchange risks. A push for yuan-denominated cross-border settlement was also among the pro-trade measures.

The tone-setting Central Economic Work Conference in December identified demand contraction, supply shocks and weakening of expectations as major headwinds confronting the economy.