Vehicles and ships busily load and unload shipments in the Zhangjiagang Port, East China's Jiangsu Province on September 6, 2023. Photo: cnsphoto

China's State Council, the cabinet, on Monday revealed more than a dozen measures to accelerate integrated development of domestic and foreign trade, aiming to remove regulatory and other barriers to make it easy for companies to explore both the domestic and international markets.

At a time when China's export sector faces a severe and complex external environment and some companies face shrinking domestic demand, integrated development of domestic and foreign trade would greatly help boost China's economic development and offer great support for businesses, experts noted.

According to a circular issued by the General Office of the State Council, a total of 18 measures in five areas were revealed, including alignment of international and domestic rules and regulations, connecting international and domestic markets and fiscal and financial support.

Specifically, measures will be taken to promote the alignment of domestic and international trade rules and systems, inspection and certification, regulations and standards. Support will be given to export businesses to explore the domestic market and to domestic market-oriented firms to explore the international markets.

Measures will also be taken to improve the environment for the integrated development of domestic and foreign trade, including strengthened protection of intellectual property rights and improved logistics networks.

In terms of fiscal support, on the premise of complying with WTO rules, existing central and local fiscal funding channels such as special funds for foreign economic and trade development should be fully used to support the integrated development of domestic and foreign trade, according to the circular.

Accelerating the integrated development of domestic and foreign trade is an inherent requirement for building a new development pattern and promoting high-quality development, and plays an important role in boosting economic development, expanding domestic demand and stabilizing enterprises, the circular said.

Analysts said that the long-term plan for integrated development of both domestic and foreign trade aims to address challenges arising from a shifting global geo-economic landscape, which has seen weakening demand, and China's own economic shift toward focusing on domestic consumption rather than exports.

Wang Peng, an associate researcher from the Beijing Academy of Social Sciences, said that the measures will help boost both domestic and foreign trade markets and improve the competiveness of both domestic market-oriented and export-oriented businesses.

"It helps boost the overall vitality of the economy and plays a crucial role in the economic recovery in the next stage," Wang told the Global Times on Monday, adding that the move will also help expand China's opening-up process.

China's efforts to align with international rules, regulations, management, and standards and to improve the business environment will also make it easier for foreign goods and services to explore the Chinese market, analysts said.

Tian Yun, a Beijing-based economist, said that the measures will be of great significance for lifting both domestic and international circulation. "Once the measures are carried out as instructed, it will not only accelerate the integration of domestic and foreign trade but also greatly help to boost the entire economic circulation," Tian told the Global Times on Monday.