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Key meeting approves new guidelines to spur growth

China.org.cn, November 10, 2015 Adjust font size:

FTZs need time

However, FTZs have not helped with the country's foreign trade, Tian Yun, an expert at the China Society of Macroeconomics told the Global Times on Monday. It will take time before FTZs can play a major role in the country's foreign trade, he noted.

China's foreign trade dropped 8.1 percent year-on-year to 19.93 trillion yuan in the first 10 months of the year, with exports falling 2 percent and imports slumping 15.2 percent, according to official data released Sunday by China's customs administration.

But Xu said further expanding the FTZs and promoting innovation in the country's processing industry would help to address that. "The processing sector is essential in bringing up foreign trade, and innovation is what the sector needs now to improve its competitiveness," he said.

A guideline was approved by the group on Monday to promote innovation in the processing sector to meet a "new normal" in the economy, to shift focus from quantity of imports and exports to quality, the Xinhua report said.

Tian said that though the processing industry is currently facing challenges, and innovation and expansion plans may meet obstacles, it could benefit the country's western regions such as Sichuan and Chongqing.

A plan to build an inclusive financial system was also approved on Monday. The plan is aimed at expanding public access to financial services, especially for farmers and low-income individuals, as well as for small businesses, according to the Xinhua report.

Xu said such a move would help the public and small businesses get loans, and would therefore boost consumption, which the economy needs going forward. However, Tian said there are some issues at hand in this area such as local government fiscal issues, and the plan should focus on addressing them first.

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