China needs to shore up domestic industrial chain serving foreign trade and investment: NPC deputy
Published: Mar 09, 2023 04:31 PM
An NEV manufacturing line in Southwest China's Chongqing Municipality Photo: VCG

An NEV manufacturing line in Southwest China's Chongqing Municipality Photo: VCG

A deputy to the 14th National People's Congress (NPC) proposed the government draft guidelines on building domestic industrial chains that serve foreign trade and investment, deepening the combination of Chinese industrial advantages together with the global market players to better cope with risks and headwinds, Chinese media reported on Thursday. 

Peng Shou, the NPC deputy and a representative from China National Building Material Group Co, appealed for more opening-up policies aimed for shoring up a new development basis for Chinese industries.

He stated that detailed guidelines should be made in accordance with different scenarios in foreign trade, including specific response measures targeting local trade and investment risk analysis. 

"The authorities should try to enhance the quality of opening-up policy, encouraging the internationalization of domestic industries," Peng said. 

Over the past three years, China saw stable economic development and foreign trade growth despite the pandemic and rising protectionism, with foreign trade volume rising by more than 10 percent annually," Peng noted. 

"With more and more Chinese enterprises now entering global market, the awareness of global uncertainty and risk should be enhanced," he said, stating that authorities should publish guidelines for Chinese enterprises' global expansion, supporting buildup of domestic industrial chains and services" said Peng. 

Global Times