China expects trade to grow despite external challenges
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Containers are seen at a port in Ningbo, Zhejiang province, China May 28, 2019. Picture taken May 28, 2019. REUTERS/Stringer
BEIJING/SHANGHAI, Sept 29 (Reuters) - China's foreign exchange regulator said on Tuesday it expects the country's trade in goods and services to keep growing, and cross-border investment to remain active, despite complex external situations.
China plans to roll out new policies to facilitate trade and expand foreign access to domestic financial markets, the State Administration of Foreign Exchange (SAFE) said in its first-half Balance of Payments report.
Below are the main points from the report's policy outlook:
• Trade in goods is expected to grow, driven by artificial intelligence and green technology products.
• Trade in services is also expected to grow. China will promote exports of technology and digital services, while expecting an increase in service imports.
• Foreign investment into China is expected to improve as global capital diversifies into yuan-denominated assets.
• China will promote two-way opening and yuan internationalisation.
• The foreign exchange authority will focus on building a "more convenient, more open, safer, and smarter" foreign exchange management system.
• Authorities will step up monitoring of cross-border capital flows and use artificial intelligence to crack down on illegal foreign exchange activities.
(Reporting by Shanghai Newsroom; Editing by Kirsten Donovan)
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