Fri, 22 Jan 2021

Weekly policy snapshot of Chinese economy

Xinhua
29 Nov 2020, 12:44 GMT+10

BEIJING, Nov. 29 (Xinhua) -- China's policymakers have rolled out a raft of measures over the past week to boost economic growth and strengthen international cooperation.

The following are the latest policies taken during the period:

-- China will further boost its consumption upgrade and maintain a stable market in 2021, according to the Ministry of Commerce (MOC).

The MOC called for a consumption upgrade in both urban and rural areas, the transformation of more cities into international consumption centers, and enhanced e-commerce development in rural areas.

The ministry said the consumption of goods and services, including automobiles, home appliances, imported goods and catering, should be promoted.

-- China will step up efforts to expand the free trade area network across the world to enlarge its "circle of friends", according to China's Commerce Minister Zhong Shan.

After signing the Regional Comprehensive Economic Partnership, China will see the China-Cambodia free trade agreement take effect at an early date and accelerate investment treaty negotiations with the European Union, Zhong said in a signed article published Tuesday in the People's Daily.

Zhong also urged efforts to upgrade the existing trade pacts with the Association of Southeast Asian Nations, Singapore, the Republic of Korea (ROK) and New Zealand, and facilitate China-Japan-ROK, China-Gulf Cooperation Council, China-Norway and China-Israel free trade agreement negotiations.

-- China will support the southwest Chongqing Municipality in playing a bigger role in the country's financial opening-up.

The municipality will enjoy greater support to further expand access to its financial industry and promote the sector's opening-up, Chen Yulu, vice governor of the People's Bank of China, the country's central bank, was quoted as saying Monday at the China-Singapore (Chongqing) Connectivity Initiative Financial Summit 2020 held in Chongqing.

In particular, financial cooperation with countries along the Belt and Road will be deepened, Chen added.

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