BEIJING -- China is likely to accelerate rollout of detailed polices on the Belt and Road Initiative. Measures on promoting trade safety and convenience are expected to be launched soon, according to a report of the Xinhua-run China Securities Journal.
Experts and industrial insiders attending the 2016 Boao Forum for Entrepreneurs hosted by the China Economic Information Service of Xinhua News Agency from June 18 to June 19 noted that with the continuous specification of policies related to the Belt and Road Initiative, economic and trade cooperation centering on the initiative will get enhanced. On the basis of bilateral and multilateral cooperation, free trade zone construction is expected to be quickened.
---Free trade zone construction to be quickened
Chi Fulin, president of the think tank China Institute for Reform and Development (CIRD), said in the forum that China should speed up development of service trade by relying on infrastructure construction, focusing on service trade and targeting the building of free trade zone networks.
Chi explained that initiating a new round of free trade zone construction can help China oppose trade protectionism. He suggested that bilateral, multilateral, regional or global free trade zones should be established along the Belt and Road route.
By far, China has signed memorandum of understandings (MOU) or cooperative agreements with over 30 countries since the "Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road" was issued last March. Meanwhile, a batch of projects on infrastructure and interconnection has been implemented, noted Huo Enquan, former deputy director general of the Department of International Cooperation of the National Development and Reform Commission (NDRC).
---More trade convenience measures to be introduced
Insiders with the customs disclosed in the forum that customs and entry-exit inspection and quarantine departments have launched a slew of measures to safeguard trade safety and convenience, and new measures in this regard are expected to be rolled out soon.
Wang Bin from the research center of the General Administration of Customs (GAC) said that the GAC plans to establish an efficient and regulated customs clearance mechanism through the construction of a three-dimensional transportation network and an integrated platform based on the interaction among governments, business circle and global supply chain participants.
Moreover, China is expected to further reduce trade costs and promote trade convenience along the route of the Belt and Road, added Wang.
---"Internet Plus" to play a crucial role
More and more enterprises hope to participate in the Belt and Road by way of cross-border e-commerce.
Yin Yunlu, chairman of the Board of Directors and CEO of Global Pharm Holdings Group, introduced that "Internet Plus" will play a significant role in its exploration of a way to facilitate ginseng industry to participate in the Belt and Road construction.
Li Hongyun, general manager of the Tianjin Jintong Customs Broker Co., said in the forum that the promotion of 'Internet + customs clearance' modal will make trade more convenient as well as help select the superior and eliminate the inferior.
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