Chinese vice premier Wang Yang urged enterprises to improve competitiveness in foreign trade

Almaty. July 11. Silkroadnews – Vice premier Wang Yang urged Chinese enterprises to innovate their way out of downward trade pressure by cultivating new competitive areas, Xinhua reported.

“China is facing continuous downward trade pressure due to sluggish external demands and structural problems, but still enjoys promising growth prospects in the long term,” Wang Yang said during a recent inspection of the trading companies and platforms of Shanghai.

In his opinion, the companies should push ahead with structural reforms to upgrade their business and enhance competitiveness through technology, quality, service and brands.

“Governments at all levels should support emerging business models such as cross-border e-commerce and encourage enterprises to develop their own brands and marketing networks,” said Wang Yang.

At the same time, the processing trade could be moved to the areas of central and western China, vice premier said, adding that China will further open up its services sector today and develop service trade.