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In June, China's import and export growth slowed down, signaling a worsening foreign trade situation. In response, the State Council held an executive meeting on July 24 to introduce the "National Six Measures" aimed at revitalizing foreign trade. These six key policies are designed to streamline customs procedures, reduce administrative costs, enhance financial support for businesses, and promote more efficient import activities.
The measures include establishing simplified customs clearance processes that will be gradually implemented across national ports. They also involve regulating and reducing operating fees in import and export operations, encouraging financial institutions to provide stronger support for enterprises, and offering integrated services such as financing, customs clearance, and tax rebates for small and medium-sized enterprises. Additionally, the government plans to expand commodity imports and increase the scale of import discount funds. Efforts are also being made to maintain balance in international payments and stabilize the RMB exchange rate.
Although the "National Six Measures" have not been officially released yet, there is widespread anticipation among various stakeholders. Local governments are hoping for provisions that could ease the pressure on export tax rebates, while businesses are calling for increased support from export credit insurance. Many companies rely heavily on market expansion to ensure profitability, and without market demand, even the most favorable policies may not be enough to revive foreign trade.
This initiative follows previous efforts, including the "16 Articles" introduced by the State Council in September 2012, which laid the groundwork for more structured foreign trade policies. The new measures represent a continuation of these efforts, aiming to address current challenges more directly.
Yu Danhua, director of the Ningbo Foreign Trade and Economic Cooperation Bureau, quickly shared the principles of the new policy with local officials and small businesses. He reported that the response was positive, emphasizing the importance of implementing the policy according to the State Council’s guidance.
Ye Xiangyu, general manager of the People's Electric Group Import and Export Corporation, noted that the streamlined customs procedures and temporary exemptions on export inspection fees have already eased the burden on foreign trade companies. For example, a company earning $70 million annually in exports may see only a small portion of its revenue affected by such costs, but for smaller businesses, these expenses can represent a significant portion of their annual budget.
At this stage, the policy has just been announced, but the detailed rules are still pending, and implementation has not yet begun. Yu Danhua mentioned that the Ningbo bureau held a meeting on July 25 to discuss the "National Six Measures," and they plan to follow the spirit of the State Council once the regulations are finalized.
As a large exporter with $70 million in annual exports, the People's Electric Group currently faces market challenges. To expand its business, the company spends millions each year on export credit insurance through China Export Credit Insurance Corporation. Ye Xiangyu hopes the government can offer more financial support or reduce insurance premiums through policy adjustments.
Yu Danhua also expressed a desire for local governments to alleviate the pressure on export tax rebates, especially under the current economic conditions where tax revenues are struggling to keep pace with GDP growth. He suggested that some of the customs duties and inspection fees collected could be redirected to support enterprise development.
"Where can we collect, and where can we retreat?" he asked, highlighting the need for a balanced approach between revenue collection and supporting business growth.