China to hold int’l fair online: Li Keqiang

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OBSERVER REPORTER
BEIJING China will support processing trade with new steps and hold the Canton Fair online to keep foreign trade and investment stable amid the epidemic, according to the State Council’s executive meeting chaired by Premier Li Keqiang. According to China Economic Net, figures from the General Administration of Customs showed that the retail sales of China’s crossborer e-commerce businesses reached 186.21 billion yuan (about 26.25 billion U.S. dollars) in 2019. The meeting noted the massive impact of the fast-evolving outbreak worldwide on the global economy, trade and investment. The fast growth of cross-border e-commerce in recent years has become a new highlight in the country’s foreign trade. It is important 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 business forms in this trying time. “Tackling the economic impact of the outbreak abroad is a pressing task. With the tight containment measures introduced across countries, foreign trade and investment are persistently going downward,” Li said. The meeting decided to set up another 46 integrated pilot zones for cross-border e-commerce on top of the 59 existing ones. In addition to applying the practices proven effective in boosting the flow of commerce, firms in these zones will enjoy such support policies as exemption of valueadded and consumption taxes on retail exports, and assessed levy of the corporate income tax.