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China to further spur market vitality, upgrade foreign trade

China will further spur market vitality by promoting mass entrepreneurship and innovation in the 14th Five-Year Plan period (2021-2025), according to a State Council executive meeting chaired by Premier Li Keqiang.

The meeting on Tuesday also specified measures to speed up the development of new business patterns in foreign trade to boost the upgrading of the sector.

More work will be done to leverage the role of business startups in boosting employment, creating multiple channels to ensure employment for key groups such as college graduates and migrant workers, according to a statement released after the meeting.

With the aim of creating a better development environment for entrepreneurship and innovation, China will enhance regulation to ensure fairness, oppose unfair competition, and better protect the legitimate rights and interests of small, micro- and medium-sized businesses as well as self-employed individuals.

The meeting also decided to boost policy incentives for business start-ups and innovation, including tax reductions and exemptions.

To facilitate the development of new business models and patterns of foreign trade, China will improve its policy support for cross-border e-commerce development, push the development of overseas warehouses, and participate in the formulation of international rules and standards on the new models and patterns, according to the meeting. 

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