China has been promoting the integrated development of domestic and foreign trade, with over 2,200 leading companies working towards greater integration, Vice Minister of Commerce Sheng Qiuping said at a press conference in Beijing on Thursday.
The ministry has introduced different policies to support foreign trade companies that are seeking expanded opportunities in the domestic market, Sheng said.
"In recent years, the Ministry of Commerce, in collaboration with relevant departments, has introduced a series of policy measures to address challenges related to standards certification, market channels, and sales revenue collection, steadily advancing the integration of domestic and foreign trade," said Sheng.
The policy measures are encouraging more companies to focus both on overseas and domestic markets, he said.
"From a perspective of enterprises, last year, 87,000 industrial enterprises above the designated size (annual revenue above 20 million yuan, or about 2.76 million U.S. dollars) engaged in integrated domestic and foreign trade operations, marking a 6.3 percent year-on-year increase, with the proportion of such businesses reaching 17 percent. Nationwide, over 2,200 leading enterprises in trade integration have been cultivated," said Sheng.
"Regionally speaking, the nine pilot regions have identified 602 pilot tasks, with 80 percent of the total completed. Major economic powerhouse provinces such as Zhejiang, Shanghai, and Guangdong have achieved a domestic and foreign trade integration rate of approximately 30 percent among industrial enterprises above the designated size. Cities like Ningbo and Xiamen have actively supported the transformation of high-quality export products into the latest domestic goods, which have become popular among consumers," said Sheng.
"Regarding the platforms, the ministry has been dedicated to establishing domestic and foreign trade integration platforms featuring key events, major trade fairs, and leading e-commerce platforms. Currently, 49 percent of Canton Fair online exhibits are labeled as 'available for domestic sales.' And at the 33rd East China Fair, which concluded on March 1, over 500 foreign trade enterprises marked their products as 'available for domestic sales,'" said Sheng.
Given China's vast domestic market, foreign trade companies should take full advantage and explore new sales opportunities at home, Sheng said.
"The 'China Tour for High-Quality Foreign Trade Products' initiative is an innovative measure aimed at helping export-oriented enterprises expand into the domestic market and promote domestic and foreign trade integration. By leveraging China's vast domestic market, the ministry aims to increase the supply of high-quality export products for domestic consumers while creating new growth opportunities for foreign trade enterprises," said Sheng.
Over 2,200 leading Chinese companies integrate their domestic, foreign trade: vice minister
