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Measures Introduced to Upgrade Foreign Trade Enterprises
While stabilizing development， China’s foreign trade sector is seeking to accelerate transformation and upgrading. At present， many government departments are making arrangements to further support new trade forms and models.
The State Council has released a document recently that explicitly supports the development of new forms of trade with a series of targeted measures.
The General Administration of Customs has also introduced the return policy for crossborder e-commerce and reform measures for the supervision of cross-border B2B export， so that cross-border e-commerce commodities can be imported， exported， and returned without hindrance.
The Ministry of Commerce is stepping up its support with several concrete measures. For example， the pilot program of“market procurement trade”will be expanded to boost exports. It also supports crossborder e-commerce platforms， cross-border logistics， and encourages financial institutions to support the construction of overseas warehouses.
The COVID-19 epidemic has put great pressure on Chinese enterprises， but the pressure can also push them to step out of their comfort zone.
Poverty Alleviation through Industrial Development Is Key Focus in China’s Battle against Poverty
The year 2020 is the final year of China’s poverty alleviation battle and the top priority now is to lift people out of deep poverty. In order to ensure that the poor areas will not return to poverty after being lifted out， poverty alleviation through industrial development has become a focus. Data from the Poverty Alleviation Office of the State Council shows that industrial development has played an important role in poverty alleviation. At present， 92 percent of the country’s poor are involved in industrial initiatives. Of those who have been lifted out of poverty， 72 percent have been supported by industrial development policies.
At present， poverty-alleviation industries in areas mired in deep poverty are still in an early development stage. This year， affected by the COVID-19 epidemic， China needs to make more strenuous efforts to fulfill the poverty alleviation task. In the future， more efforts should be made to further promote the connection between new economic models， such as agricultural product processing， logistics， and marketing， and e-commerce and poor areas， in order to guide the in-depth integration of various market entities and favorable policies， in a bid to ensure that poverty alleviation results are sustainable. The Central Bank to Steadily Promote Internationalization of the RMB
The People’s Bank of China has officially released the 2020 RMB Internationalization Report， pointing out that in 2019， the internationalization of the RMB has hit new levels.
The function of RMB as a payment currency was constantly strengthened， as an investment currency deepened unceasingly， and gradually emerged as a reserve currency. The Chinese currency continued to maintain a stable position in the global monetary system.
In recent years， the crossborder use of the RMB has maintained rapid growth， especially since the start of this year when the COVID-19 has hit global trade， finance， and economy， the cross-border use of the RMB remained resilient and increased.
However， experts also believe that RMB internationalization is facing new challenges in the turbulent global environment. The COVID-19 epidemic， counter-currents of economic globalization， and rising international financial risks all lie in front of it.
In the future， the construction of a new international monetary system will require China to assume more responsibilities， and the role of the RMB will become more and more important.
China， the Largest Recipient of Foreign Investment among Developing Countries
On September 7， the book 40 Years of China’s Absorption of Foreign Investment （1979-2018） was officially released. The content of the book covers the development of foreign investment in China since it started reform and openingup， the operation of foreigninvested enterprises across the country， and new trends of transnational investment.
Absorbing foreign direct investment is an important part of China’s basic state policy of opening to the outside world， and foreign capital contributed a lot to China’s sustained， healthy， and rapid economic development.
Since 1992， China has been the largest recipient of foreign investment among developing countries. By the end of 2018， a total of 961，000 foreigninvested enterprises had been set up in China， with actual use of foreign capital reaching US$2.1 trillion.
In addition， foreign direct investment， the capital of foreign-invested enterprises， and the surplus under current account are important sources of China’s foreign exchange reserves which have improved China’s balance of international payments and enhanced China’s ability to resist international financial risks.
While stabilizing development， China’s foreign trade sector is seeking to accelerate transformation and upgrading. At present， many government departments are making arrangements to further support new trade forms and models.
The State Council has released a document recently that explicitly supports the development of new forms of trade with a series of targeted measures.
The General Administration of Customs has also introduced the return policy for crossborder e-commerce and reform measures for the supervision of cross-border B2B export， so that cross-border e-commerce commodities can be imported， exported， and returned without hindrance.
The Ministry of Commerce is stepping up its support with several concrete measures. For example， the pilot program of“market procurement trade”will be expanded to boost exports. It also supports crossborder e-commerce platforms， cross-border logistics， and encourages financial institutions to support the construction of overseas warehouses.
The COVID-19 epidemic has put great pressure on Chinese enterprises， but the pressure can also push them to step out of their comfort zone.
Poverty Alleviation through Industrial Development Is Key Focus in China’s Battle against Poverty
The year 2020 is the final year of China’s poverty alleviation battle and the top priority now is to lift people out of deep poverty. In order to ensure that the poor areas will not return to poverty after being lifted out， poverty alleviation through industrial development has become a focus. Data from the Poverty Alleviation Office of the State Council shows that industrial development has played an important role in poverty alleviation. At present， 92 percent of the country’s poor are involved in industrial initiatives. Of those who have been lifted out of poverty， 72 percent have been supported by industrial development policies.
At present， poverty-alleviation industries in areas mired in deep poverty are still in an early development stage. This year， affected by the COVID-19 epidemic， China needs to make more strenuous efforts to fulfill the poverty alleviation task. In the future， more efforts should be made to further promote the connection between new economic models， such as agricultural product processing， logistics， and marketing， and e-commerce and poor areas， in order to guide the in-depth integration of various market entities and favorable policies， in a bid to ensure that poverty alleviation results are sustainable. The Central Bank to Steadily Promote Internationalization of the RMB
The People’s Bank of China has officially released the 2020 RMB Internationalization Report， pointing out that in 2019， the internationalization of the RMB has hit new levels.
The function of RMB as a payment currency was constantly strengthened， as an investment currency deepened unceasingly， and gradually emerged as a reserve currency. The Chinese currency continued to maintain a stable position in the global monetary system.
In recent years， the crossborder use of the RMB has maintained rapid growth， especially since the start of this year when the COVID-19 has hit global trade， finance， and economy， the cross-border use of the RMB remained resilient and increased.
However， experts also believe that RMB internationalization is facing new challenges in the turbulent global environment. The COVID-19 epidemic， counter-currents of economic globalization， and rising international financial risks all lie in front of it.
In the future， the construction of a new international monetary system will require China to assume more responsibilities， and the role of the RMB will become more and more important.
China， the Largest Recipient of Foreign Investment among Developing Countries
On September 7， the book 40 Years of China’s Absorption of Foreign Investment （1979-2018） was officially released. The content of the book covers the development of foreign investment in China since it started reform and openingup， the operation of foreigninvested enterprises across the country， and new trends of transnational investment.
Absorbing foreign direct investment is an important part of China’s basic state policy of opening to the outside world， and foreign capital contributed a lot to China’s sustained， healthy， and rapid economic development.
Since 1992， China has been the largest recipient of foreign investment among developing countries. By the end of 2018， a total of 961，000 foreigninvested enterprises had been set up in China， with actual use of foreign capital reaching US$2.1 trillion.
In addition， foreign direct investment， the capital of foreign-invested enterprises， and the surplus under current account are important sources of China’s foreign exchange reserves which have improved China’s balance of international payments and enhanced China’s ability to resist international financial risks.