BEIJING: China’s Ministry of Industry and Information Technology on Thursday pledged to strengthen support for the industrial economy despite mounting downward pressure, as part of efforts to stabilize the country’s economic fundamentals.
The implementation of the country’s package of measures, such as tax and fee cuts, should be accelerated to help enterprises tide over their difficulties as early as possible, said Tao Qing, a ministry official.
No effort will be spared to ensure unimpeded industrial chains, she said, adding that measures will be taken to strengthen the upstream and downstream matchmaking services of key industries, such as the automobile and integrated circuit industries, and to remove bottlenecks in key regions. Tao also noted that the ministry will enhance its services for small and medium-sized enterprises, and coordinate with other government departments to create a better business environment.
Efforts will be made to expand consumption and effective investment in the industrial sector, she said.
Meanwhile, Trade between China and members of the Regional Comprehensive Economic Partnership (RCEP) has seen steady growth since the trade agreement took effect at the beginning of this year, the latest official data showed. According to the General Administration of Customs (GAC), China’s trade with the other 14 member states expanded 6.9 percent year on year to 2.86 trillion yuan in the first quarter of 2022, accounting for 30.4 percent of China’s total foreign trade value.
The world’s largest free trade pact is believed to create a more favorable trade environment in the region.
The free trade pact initially entered into force for 10 members on Jan. 1, 2022, followed by ROK and Malaysia on Feb. 2 and March 18. Up to now, the agreement is effective for 12 of its 15 signing members. –Agencies
