Implementation Opinions on Promoting the Innovation and Development of Foreign Trade was promulgated on November 9, 2020.

The opinion is divided into 11 parts, which aims to provide guidance for the central government departments and local governments to promote foreign trade.

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.