China is expanding cross-border e-commerce pilot zones as part of the efforts to provide new impetus to imports and consumption, experts said.
The business department of the local branch of the Industrial and Commercial Bank of China, or ICBC, set up a one-stop service zone for business startups recently in Rudong county.
In the context of China's utilization of foreign direct investment this year, stabilizing the scale and improving the growth level will be the main tasks.
China has decided to reduce or cancel import tariffs on a range of products starting Jan 1, 2021.
Nantong will further open up and offer more fiscal support to attract foreign investment, according to an official statement recently released by the municipal government.
Nantong, Jiangsu province ranked second among China's top 100 cities by GDP in terms of business environment, excluding four municipalities, 27 provincial-level capitals, and five other large cities with provincial economic administrative power.
Nantong, Jiangsu province has worked out a three-year plan to build a wind power industrial cluster worth more than 100 billion yuan ($14.49 billion) by the end of 2022.
According to data from the tax bureau of Tongzhou district, Nantong, the district is estimated to exempt or refund a total of 6.13 million yuan ($865,636) in taxes for over 60 local foreign trade enterprises this year, since a new national policy on export tax rebate was issued on March 20.