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BEIJING—China's State Council on Thursday announced a series of measures to increase foreign trade as the nation's economy continues to struggle.
Under the program, the government will speed up export-tax rebates and expand credits to importers and exporters.
"The current foreign trade situation is complex and severe. Achieving the full-year growth target requires great effort," the State Council, China's cabinet, said in a statement on the main government website.
Beijing has a target of about 7.5% growth for combined imports and exports this year. Over the first four months of 2014, the nation's foreign trade dropped 0.5% in U.S. dollar terms from a year earlier, according to official data released last week.
China's first-quarter economic growth came in at 7.4% versus a year earlier, its slowest pace in 18 months. Growth in the fourth quarter of 2013 was 7.7%. China expects 2014 economic growth to be about "about 7.5%."
The trade-assistance program also calls for greater participation in infrastructure construction projects in neighboring countries and encouragement for domestic enterprises to invest abroad.
It also repeated previous pledges to give more companies the right to import crude oil, which is currently available to just a handful of firms. It pledged to let more "qualified" refining companies import and process crude oil.
Beijing also pledged to keep the yuan exchange rate basically steady and promote the use of the nation's currency in cross-border trade.
The State Council also called on the commerce ministry to step up efforts to address trade friction and it pledged to help companies that have been targeted in foreign trade disputes.
At the same time, it also said it would "actively" carry out anti-dumping and antisubsidy investigations—moves that could help protect domestic companies but could also trigger more retaliatory trade actions.
China's exports in April rose by a modest 0.9% from a year earlier, after a 6.6% decline in March. Imports were up 0.8% in April from a year earlier, compared with a 11.5% drop the prior month.
Under the program, the government will speed up export-tax rebates and expand credits to importers and exporters.
"The current foreign trade situation is complex and severe. Achieving the full-year growth target requires great effort," the State Council, China's cabinet, said in a statement on the main government website.
Beijing has a target of about 7.5% growth for combined imports and exports this year. Over the first four months of 2014, the nation's foreign trade dropped 0.5% in U.S. dollar terms from a year earlier, according to official data released last week.
China's first-quarter economic growth came in at 7.4% versus a year earlier, its slowest pace in 18 months. Growth in the fourth quarter of 2013 was 7.7%. China expects 2014 economic growth to be about "about 7.5%."
The trade-assistance program also calls for greater participation in infrastructure construction projects in neighboring countries and encouragement for domestic enterprises to invest abroad.
It also repeated previous pledges to give more companies the right to import crude oil, which is currently available to just a handful of firms. It pledged to let more "qualified" refining companies import and process crude oil.
Beijing also pledged to keep the yuan exchange rate basically steady and promote the use of the nation's currency in cross-border trade.
The State Council also called on the commerce ministry to step up efforts to address trade friction and it pledged to help companies that have been targeted in foreign trade disputes.
At the same time, it also said it would "actively" carry out anti-dumping and antisubsidy investigations—moves that could help protect domestic companies but could also trigger more retaliatory trade actions.
China's exports in April rose by a modest 0.9% from a year earlier, after a 6.6% decline in March. Imports were up 0.8% in April from a year earlier, compared with a 11.5% drop the prior month.
