The Standing Committee Member of the Wuxi Municipal Party Committee presided over the meeting to promote comprehensive reforms aimed at stable growth in international trade and the development of digital trade.

The meeting emphasized applying reform thinking and methods to resolve bottlenecks, expand digital trade, green trade, service trade, and cross-border trade, increasing the momentum for local economic development.

MAIN CONTENT

  • The city of Wuxi focuses on addressing reform bottlenecks to promote stable growth.

  • Expanding the development of digital trade, green trade, and services to diversify revenue sources.

Why does Wuxi prioritize promoting reforms in trade sectors?

Local economists believe that Wuxi's leadership identifies reform as the key to resolving periodic difficulties in trade activities while creating new momentum for sustainable growth.

The meeting chaired by the Secretary of the Wuxi Municipal Party Committee, Du Xiaogang, directed the implementation of innovative solutions to thoroughly resolve the 'pain points' and 'bottlenecks' in the infrastructure and operation mechanisms of trade. Reports from the Committee indicate that this is the basis for enhancing the competitiveness of the locality in the international market.

"The application of reform thinking is a prerequisite for Wuxi to promote stable development, creating a favorable environment for international trade as well as the digital economy."
Secretary of the Wuxi Municipal Party Committee Du Xiaogang, July 2024

Which trade sectors are emphasized for development in Wuxi?

According to the directive from local authorities, the current focus includes three main areas: digital trade, green trade, and service trade. The goal is to leverage technology and environmentally friendly processes to expand the development space.

Especially in the field of digital trade, the city is experimenting with implementing platforms and services based on new technologies to promote effective and multi-channel trade activities. Green trade is being developed with products and processes that meet international environmental standards, increasing the competitiveness of local goods.

How are cross-border trade and other types of trade improved?

Analyst assessments indicate that Wuxi is enhancing the development of cross-border trade, intermediary trade, and offshore trade to maximize geographical advantages and support from policies.

Enhancing the development of these trade forms contributes to promoting foreign currency revenue, attracting foreign investment, and enhancing the local global supply chain.

"Enhancing the development of intermediary and offshore trade will help Wuxi expand its market scale and strengthen international trade cooperation."
Economist Truong Minh, July 2024

How can reforms promote stable growth in Wuxi?

More than 60% of businesses in Wuxi in a 2023 survey reported significant improvements in administrative procedures, helping to increase efficiency and reduce operating costs.

Reforms focus on reducing barriers, optimizing regulations, improving digital infrastructure, and enhancing management training. This helps maintain sustainable development momentum and create a more favorable business environment.

Comparison table of trade sectors in Wuxi

Key Advantages Sector Expected Growth Reform Solutions Digital Trade Application of new technology, expansion of sales channels 20%/year Development of digital infrastructure, electronic trading platforms Green Trade Environmental standards, sustainable development 15%/year Incentives and control over production processes Service Trade Diversification of service types, attracting investment 18%/year Quality human resource training, improving the legal environment Cross-Border Trade Leveraging location advantages, investment incentive policies 22%/year Simplification of customs procedures, promoting logistics

Frequently Asked Questions

What is Wuxi's goal for trade reform? The goal is to resolve bottlenecks, expand trade sectors, achieve stable growth, and develop sustainably in international trade. How is digital trade developed in Wuxi? Wuxi is implementing technology platforms and expanding online sales channels to enhance transaction efficiency and scale. How do reforms help cross-border trade? Simplifying procedures, improving logistics, and incentive policies help enhance participation in the international market. Who presides over the meetings promoting reforms in Wuxi? The Secretary of the Wuxi Municipal Party Committee, Du Xiaogang, directly directs reform and trade development solutions. What factors contribute to the prioritization of green trade development? Sustainable development, international environmental standards, and supportive policies help green trade grow.

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