China eyes modernized domestic trade circulation for growth

China will modernize its domestic trade environment to make it more efficient under rule of law in an effort to better serve the economy.

Domestic trade circulation, the exchange of goods between Chinese companies, is an important pillar of the national economy. Stronger domestic trade will facilitate the economy's development, transformation and structural improvement, according to the guidelines published by the State Council, China's cabinet.

By 2020, a united, market-oriented trade circulation network with fair competition rules should be established nationwide, the guidelines said.

Innovation will be encouraged to drive development, especially for methods to connect traditional business with emerging sectors such as e-business, the guidelines said.

Stronger infrastructure, more information technology and better law enforcement and regulation were also highlighted. Endi