China unveils guideline to improve processing trade

This aerial photo taken on Sept 12, 2023 shows a view of the container terminal of Haikou Port in Haikou, South China’s Hainan province. [Photo/Xinhua]

BEIJING – Chinese authorities have rolled out a guideline to improve the development of the processing trade.

The guideline, released by the Ministry of Commerce (MOC) and nine other government departments, is an important document following another issued by the State Council in 2016, according to the MOC.

It puts forward 12 measures across six categories, involving efforts to encourage the processing and trade of high-value-added products and provide improved financial and tax support for the processing trade.

The processing trade refers to the business activity of importing all or parts of raw and auxiliary materials, parts, accessories and packaging materials from abroad, and re-exporting finished products after processing or assembly is completed by companies within China.

The processing trade remains a major driving force for the growth of foreign trade in the country’s central, western and northeastern regions, playing a very important role in stabilizing foreign trade, foreign investment, and industrial and supply chains, the MOC said.

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