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    China Daily

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    Thursday, June 04, 2020, 17:54
    China sees no foreign capital flight
    By China Daily & Xinhua
    Thursday, June 04, 2020, 17:54 By China Daily & Xinhua

    Employees work at the production line of Tianjin FAW Toyota Motor Co Ltd in Tianjin on Feb 18. (PHOTO / XINHUA)

    There is no foreign capital flight and relocation of the industrial chain or supply chain in China at present, the Ministry of Commerce spokesperson Gao Feng said on Thursday.

    READ MORE: China to establish lead-based reactor industrial supply chain

    Meanwhile, China's service exports grew by 3.5 percent year on year to 161.29 billion yuan in April, ending a falling streak since the outbreak of COVID-19.

    The growth in service exports was achieved as the country's policies and measures to promote the resumption of work and production and to stabilize foreign trade paid off, said Gao.

    China on Thursday also published measures to boost development of the pilot free-trade zone in Hubei amid efforts to revive the coronavirus-hit economy and maintain regular epidemic containment policies


    For the first four months, China's service exports dropped 2.2 percent from the same period last year, while total service trade went down 13.2 percent to 1.51 trillion yuan, according to Gao.

    Supporting Hubei free-trade zone

    China on Thursday also published measures to boost development of the pilot free-trade zone (FTZ) in Hubei province amid efforts to revive the coronavirus-hit economy and maintain regular epidemic containment policies.

    ALSO READ: China's firms must brace for investment challenges

    The move is aimed at stimulating market vitality, fostering new growth momentum and helping businesses resume work in the region, according to a document released by the Ministry of Commerce.

    The country will build national bases for foreign trade transformation and upgrade and will carry out pilot programs for retail imports of cross-border e-commerce in the FTZ, according to the document.

    Efforts will be made to further facilitate foreign investment, help address challenges for foreign-funded enterprises in the FTZ and encourage multinationals to set up their global or regional headquarters in Hubei.

    The country also vowed to support relevant areas in the FTZ to improve supply chain systems for strategic emerging industries such as next-generation information technologies, high-end equipment manufacturing and new-energy vehicles. 

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