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Premier Li Keqiang Chairs State Council Executive Meeting

2020/04/07

On 7 April, Premier of the State Council Li Keqiang chaired a State Council executive meeting. The meeting decided to set up new integrated pilot zones for cross-border e-commerce, support processing trade with new steps, and hold the Canton Fair online in order to keep foreign trade and investment broadly stable under the outbreak impact, and continue inclusive financing and tax relief for small lending firms.

The meeting noted the massive impact of the escalating outbreak worldwide on the global economy, trade and investment. It underlined the imperative to implement the decisions made by the CPC Central Committee and the State Council to maintain stability in the six key areas, namely, stability in employment, finance, foreign trade, foreign investment, domestic investment, and market expectations.

It urged continuing with the opening-up policy and taking further measures to uphold stability in foreign trade and foreign investment, to ameliorate the serious impact of the outbreak on China's economy, especially on employment.

The meeting recognized the fast growth of cross-border e-commerce in recent years as a new highlight in the country's foreign trade, and emphasized the need to leverage the unique strength of cross-border e-commerce when the traditional sectors in foreign trade are hit hard in the COVID-19 outbreak, in order to drive foreign trade with new forms of industry in this trying time.

It stressed the need to coordinate domestic and foreign trade and help companies engaged in processing trade to overcome difficulties, to stabilize foreign investment and sustain employment.

The meeting took the decision of holding the 127th China Import and Export Fair (Canton Fair) online in mid- to late June given the serious outbreak situation globally.

It urged raising the capacity of China-Europe Railway Express and other freight services by land, including optimizing the freight transit arrangements, and taking over the shipment of goods previously carried by sea and air transport, to help stabilize the global supply chains and push forward the reopening of businesses.

(The full text is available at http://www.xinhuanet.com/politics/leaders/2020-04/07/c_1125824315.htm)

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