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Chinese Premier Stresses Financial Opening-up, Cross-border Trade

Date: 2021-08-12
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Chinese Premier Li Keqiang on Wednesday called for promoting opening-up in the financial sector, adopting detailed measures to facilitate cross-border trade and improving business environments at ports.

On the financial sector's opening-up based on a negative list, Li said China should serve as a hub for attracting foreign investment and meet international standards. The sector should improve the market entry mechanism for overseas financial institutions, such as banks and insurance companies, and encourage foreign investors' participation.

While keeping the yuan exchange rate stable at a reasonable and balanced level, the country needs to optimize the macro-prudential policy framework and build mechanisms for monitoring and assessing financial risks to ensure that the financial market works steadily, Li said.

Li made the remarks while chairing a State Council executive meeting. The meeting also decided that more work will be done in the second half of this year to streamline customs clearance and sustain the stable growth of foreign trade.

Accordingly, the country should increase customs clearance efficiency and convenience for export tax rebates, ensuring the rebates take no more than seven working days on average by the end of this year.

The country needs to build more overseas warehouses, improve the return policy for exports in cross-border e-commerce, and ensure that its trade facilitation measures connect with those of the Regional Comprehensive Economic Partnership.

Efforts should also reduce import and export costs and provide better services at ports, the meeting said.

Li also called for relentless efforts to control floods, ensure people's safety, prevent damage to property and strengthen the disaster relief work.

He said China should allocate funds and supplies to help Henan Province with rescue, emergency relocation and disaster relief. He also stressed emergency response plans for transport infrastructure and preventing secondary disasters.

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