On 9 Nov. 2020, the General Office of China State Council promulgated the Implementation Opinions on Promoting the Innovation and Development of Foreign Trade (关于推进对外贸易创新发展的实施意见), requiring the use of technologies like 5G, AR, and VR to expand the international market.
The Opinions also states that the Chinese government will:
(1) Promote the early signing of the Regional Comprehensive Economic Partnership (RCEP) and accelerate the negotiation of the China-Japan-Korea Free Trade Agreement and the China-GCC Free Trade Agreement;
(2) Encourage the formation of a number of competitive "small giant" enterprises in such industries as components, basic parts, tools, molds, clothing, shoes, and hats.
(3) Promote the issue of the Hainan Free Trade Port Law to achieve trade liberalization and facilitation there.
(4) Strictly implement the Export Control Law and optimize the export control licensing and enforcement system.
Contributors: CJO Staff Contributors Team
