Tuesday saw the release of a plan by the Chinese government to increase trade in the face of declining international demand for its exports.
The big picture: China’s economy expanded 4.5% in the first quarter of this year, faster than many analysts predicted, after its zero-COVID policies were abolished in December of last year.
However, as the U.S. and other advanced economies cut back on spending as a global recession approaches, some economists warn that China’s export sector may continue to suffer.
Details: As part of the new plan, China will expedite visa processing for overseas businesspeople, while increasing international flights and fully restoring in-person trade shows, the country’s State Council said in a statement.
At the same time, China will encourage more car exports by directly connecting car firms and shipment companies, as well as improving brand marketing, sale and customer service overseas.
China asked its embassies and consulates to broaden their support for small and medium-sized enterprises to reach overseas markets. The Chinese government hopes to stabilize exports to developed countries, and open up companies to markets in developing regions, including Southeast Asia, the statement added.
The country will also seek to expand imports of advanced technology equipment and streamline its import subsidies.