China to Promote Border Trade, Build Trade Centers, Commerce Ministry Says
Liao Shumin
DATE:  Dec 05 2019
/ SOURCE:  yicai
China to Promote Border Trade, Build Trade Centers, Commerce Ministry Says China to Promote Border Trade, Build Trade Centers, Commerce Ministry Says

(Yicai Global) Dec. 4 -- China's commerce ministry will adopt a series of measures to promote the development of border trade, including enabling Chinese yuan settlement and simplifying export commodity declarations, and will build border trade commodity markets and special business centers.

The measures also include raising the local governments' bond quota for infrastructure construction in border and cross-border economic cooperation zones and key development open pilot zones in the coastal and border regions, the ministry said in a press release today, citing an official in charge of its foreign trade department.

As China pushes forward the Belt and Road Initiative, small-scale trade with neighboring countries has grown. The total import and export value of small trade between China and the countries along the BRI jumped 17.3 percent to USD37.95 billion in 2017, with a 27.7 percent annual growth in imports, according to a report by the State Information Center.

The commerce ministry's plans will also encourage improving the wholesale, retail, agglomeration and distribution functions of border commodity trade markets and cultivate a number of business centers that gather special products from neighboring countries based on the existing markets, it said.

To make it easier for people to do business in border areas, China will allow Chinese yuan settlement in border trade and build settlement centers.

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Keywords:   Border Trade,Ministry of Commerce