China’s State Council has issued a new trade policy directive that focuses in particular on the country’s dual circulation economic strategy.
On 19 January the State Council issued the “Opinions on Further Expediting the Integrated Development of Domestic and Foreign Trade” (关于促进内外贸一体化发展的意见), for the purpose of “expediting further foreign and domestic trade integration, forming a great domestic market, and making arrangements for smoothing out the domestic and international dual circulations.”
The Opinions call for “upholding government guidance, making the market primary, and upholding reform and opening.”
By 2025, the Opinions set the target of “further raising the integrated development level of domestic and foreign trade of market actors; [establishing] a healthier and more complete domestic and foreign trade integration and coordination system, and achieving the high efficiency operation and integrated development of domestic and foreign trade.”
Under the Opinions the Ministry of Commerce (MOFCOM) will be entrusted with the establishment of inter-departmental work mechanisms for driving the integrated development of domestic and foreign trade.