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The General Administration of Customs' latest move of introducing 16 reform measures to promote high-quality development in processing trade will further enhance the role of policy guidance in supporting the gradual transition of industries within China, said an official on Tuesday. |
These measures, such as supporting the processing trade of strategic commodities in the main import areas of China's central, western and northeastern regions, will leverage the resource advantages and industrial characteristics of these regions, said Huang Lingli, deputy director of the GAC's commodity inspection department. The new policies encourage the import of energy and resource commodities such as crude oil, coal, natural gas, iron ore, copper concentrate and grains, said Huang. |
Processing trade refers to the business activity of importing all, or part of, the raw and auxiliary materials from abroad, and re-exporting the finished products after processing or assembly by companies within the Chinese mainland. |
As a crucial component of China's foreign trade, Huang said processing trade plays a vital role in facilitating external openness, driving industrial upgrading, stabilizing supply chains, ensuring employment and improving people's livelihoods. |
China's processing trade amounted to 5.57 trillion yuan ($761.22 billion) between January and September of 2023, accounting for 18.1 percent of the country's total foreign trade value, data from the GAC showed. |
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