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China plans tax, fiscal measures to boost border trade

Dec '19
Pic: Shutterstock
Pic: Shutterstock
China will adopt a slew of measures, including tax and fiscal policies, to give full play to the role of border trade in stabilising foreign trade and to ensure border trade achieves results like facilitating employment, improving livelihood, alleviating poverty, enhancing bilateral ties and furthering domestic ethnic unity, the commerce ministry said.

The measures include value-added tax exemption policy and simplified declaration process for small-scale border trade exports at pilot areas, and properly increasing amounts of local government bonds in border areas, to support infrastructure construction in border (cross-border) economic cooperation zones and key development and opening-up pilot zones, according to information posted on the website of the economic and commercial counsellor’s office of the Chinese Embassy in South Africa.

Construction land permissions will be granted to border (cross-border) economic cooperation zones on a priority basis, and the authorities will also encourage development of ‘internet plus border trade’, to reduce transaction costs, broaden border trade channels, and expand border trade scale, as well as the establishment of e-commerce platforms at border regions to promote new businesses and models for border trade.

Border marketplaces will be encouraged to improve their functions for commodities display, marketing, wholesale, retail and distribution, and clusters of trade centres that respectively trade on special products from neighbouring countries and products with Chinese characteristics will be cultivated, based on existing key border trade commodities marketplaces.

Besides, the law on the administration of barter trade between border residents will be revised, to clarify barter trade scope, forms, transaction subjects, place and modes, and supervision method, and a negative list on imports of barter trade will be published.

Fibre2Fashion News Desk (DS)

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