China amps up policy support, trade services to stabilize foreign trade

China will focus on policy reinforcement and expanding trade in services to stabilize foreign trade in 2025, said the country's top commerce official on Thursday.

Speaking at an economy-themed news conference in Beijing during the ongoing two sessions, Commerce Minister Wang Wentao emphasized government's commitment to tackling challenges while fostering high-quality trade development.

New supportive policies will be promptly studied, formulated and introduced, as needed.

Highlighting an important growth point for expanding foreign trade is to drive innovation in trade in services, Wang said the government will promote openness, establish supportive platforms, fully implement the negative list for cross-border trade in services and launch pilot zones for innovative service trade development.

In contrast to goods trade, trade in services refers to the sales and delivery of intangible services like transportation, tourism, telecommunications, advertising, education, computing and accounting.

"We will support businesses by addressing the challenges faced by foreign trade companies, expanding the scale and coverage of export credit insurance, and guiding financial institutions to enhance financing support for them," he added.

Reflecting on the resilience of China's foreign trade in overcoming challenges and accumulating valuable experience in recent years, Wang reaffirmed government’s confidence in stabilizing the country’s foreign trade and advancing its position as a strong trading nation.