BEIJING: China’s efforts to build modern industries and expand institutional opening-up will create new advantages in international cooperation and competition, especially given the challenges of slowing global demand, geoeconomic shocks and soaring global commodity and energy prices, say government officials and business leaders.

They said these efforts will not only enhance China’s overall economic prowess, but also motivate its exporters to streamline their product structures and capitalise on novel foreign trade formats such as cross-border eCommerce and market procurement trade, therefore expanding their sales in overseas markets.

According to the Government Work Report submitted to the 14th National People’s Congress for deliberation in early March, China will accelerate the modernisation of its industrial system, with a focus on key industrial chains in the manufacturing sector and pooling quality resources.

The country will make concerted efforts to achieve breakthroughs in core technologies in key fields.

China’s export-oriented companies, particularly private businesses, have ample opportunities to transition from traditional industries to high value-added ones, relying on industrial upgrading and transformation, digital economy and cutting-edge technology, said Gu Xueming, president of the Chinese Academy of International Trade and Economic Cooperation in Beijing.

The government report also revealed that China has doubled its spending on basic research over the past five years, with scientific and technological progress contributing to over 60% of its economic growth.

Li Kuiwen, head of the Guangdong Office of the General Administration of Customs, emphasised the importance of enhancing efforts to expand high-level opening-up to create a more favourable environment for trade and investment.

Customs authorities in Guangdong province will implement supportive measures to promote high-quality development of new business forms.

 - China Daily