Features of China’s New Guidelines on the Innovative Development of the Country’s Foreign Trade were unveiled by an Official from the Ministry of Commerce on Thursday in Beijing.

Released by the State Council, the new guidelines specified measures covering nine areas to promote trade development, including searching for new ways to explore international market, optimizing the domestic layout of foreign trade and enhancing the competitiveness of foreign trade firms.

According to Ren Hongbin, Assistant Minister of Commerce, the new guidelines encourage enterprises to make good use of both domestic and international markets, and accelerate the integration of domestic and foreign trade.

“First, the new guidelines adapt to the new situation, which serves for the formation of a new development pattern. Foreign trade connects both domestic and overseas markets and resources.

It totally has the conditions, basis and capabilities to lay a solid foundation and stimulate vitality through innovative development, providing strong support for the formation of a new development pattern. The new guidelines encourage enterprises to make good use of markets at home and abroad. They should facilitate the integration between domestic trade and foreign trade, while exploiting the international market,” Ren said.

Ren added that the new guidelines are innovation driven, meaning vitality can be stimulated through institutional innovation.

“Second, the new guidelines determine the new path which is to carry out the innovation concept thoroughly. The new guidelines are innovation-driven, emphasizing on the deepening of technology innovation, institutional innovation and innovation in model and forms, as well as putting forward a focus and new paths for innovation development of foreign trade.

Potentials can be tapped through technology innovation, vitality can be stimulated via institutional innovation and energies can be increased by innovation in models and forms,” Ren added.

The official highlighted that the new guidelines will balance the relation between development and safety as China continues to further open up.

“Thirdly, the new guidelines embody new requirements and uphold a systematic concept. The more open China is, the more important the safety can be. The new guidelines stress on the coordination between optimizing the overseas market layout and optimizing the domestic regional layout.

Traditional markets, such as developed economies, should be deeply embedded, while in the meantime, new emerging markets should also be actively explored. Central and western parts of China are encouraged to integrate into the construction of the Belt & Road, which will increase their proportion in trade. The relation between development and safety should be well-planned in order to create a good environment for innovative development, strengthen bottom-line thinking and enhance the ability in risk prevention,” said Ren.

“Fourth, the new guidelines enrich the connotation of innovative foreign trade development. It facilitates the optimization in five dimensions, including international market deployment, the domestic regional layout, commodity mix, operators and trade patterns; and also steps up the construction in three aspects which are the development of demonstration bases for foreign trade transformation and upgrade, trade platforms and international marketing networks.

These optimizations and constructions are the tasks and methods that have been explored and continuously enriched in years of foreign trade practice, which are also focused in promoting innovative foreign trade development.

In recent years, all these optimizations and constructions have achieved gratifying results and made remarkable progress. The innovation measures that the new guidelines introduced to facilitate the optimizations and constructions will provide great support in enhancing China’s comprehensive competitiveness in foreign trade,” he added.