Shanghai expo is fair ground to test policies to spur domestic consumption, says expo veteran
E-commerce major NetEase plans US$791 million spending spree on consumer goods from the US, Europe and Japan during the inaugural China International Import Expo to be held in November
China’s inaugural global imports fair in November is the perfect platform to try out new trade policies, as Beijing looks to make domestic consumption the mainstay of its economy, an expo veteran and lawmaker said.
From lower import taxes to smoother customs clearance measures, businesses are pinning hopes that Beijing will use the China International Import Expo, scheduled from November 5 to 10 in Shanghai, to test new polices on trade and cross-border e-commerce.
Zhang Weimin, assistant to the general manager of Shanghai International Trade Promotion, said reduced taxes could help China keep consumers from spending on overseas trips and help domestic consumption to grow.
“We hope there will be easier measures on customs clearance for products to be exhibited during the fair,” Zhang said on the sidelines of the annual meetings of the National People’s Congress this week. “Authorities can even extend such breakthroughs nationwide if they see such tests are effective after the fair ends.”
Zhang, a lawmaker and whose parent company is organising participants for the gems and jewellery section of the fair, said he hoped that the import tax could be temporarily cut for precious gems to be showcased at the exhibition.
