Home / Knowledge / News / Textiles / China to expedite reforms to boost economy
China to expedite reforms to boost economy
25
Nov '15
China will expedite reforms to remove internal barriers to both foreign and domestic trade to boost domestic consumption in a slowing economy, the Cabinet has said, according to a leading Chinese daily.

Beijing is looking to give both international and domestic investors increased access to the world’s second-largest economy in a bid to promote consumption and has pledged to boost the development of the retail, health, travel and sports sectors.

The statement follows the ruling Communist Party’s October plenum, which outlined the state’s broad strategic objectives for the next five years.

The State Council, or the Cabinet, said it was seeking to “eliminate all kinds of conspicuous and hidden administrative monopolies” and “strengthen anti-monopoly laws” in an attempt to remove “protectionist” policies between various provinces.

While weakening China trade comes on the back of falling commodity prices and softening global growth, analysts are also pointing a finger at provincial protectionist import substitution policies for artificially suppressing Chinese demand for foreign products.

The government also said in its statement that it would accelerate reform of the country’s residence registration, or hukou system, to unleash the spending potential of China’s rural population.

Rural residents will be supported to buy their own homes and small and medium-sized cities will be encouraged to implement tailored policies that are favourable to them.

The government also pledged to improve Internet infrastructure and e-commerce logistics of the “last mile” — the final portion of a package’s journey from a retailer’s warehouse or store to a customer’s door.

It also said it would expand the scope of the 72-hour transit visa, improve tax rebates for tourists and attract international consumers by hosting shopping festivals, film festivals, fashion weeks and book fairs.

The country’s three anti-monopoly regulators — the Ministry of Commerce, the National Development and Reform Commission, and the State administration for Industry and Commerce — said in September that they would be widening market access for foreign firms. (SH)

Fibre2Fashion News Desk - India


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search