Chinese vice PM stresses innovation for trade growth

China must promote restructuring in exports and imports to aid the transformation and upgrade of industry as part of its efforts to cultivate new advantages in foreign trade, Vice Premier Wang Yang said. He made the remarks while presiding over a meeting on exports and imports attended by local government and enterprises during his inspection tour in Yiwu City, a commodities hub in east China's Zhejiang Province, Chinese News Agency (Xinhua) reported. China made Yiwu a pilot in 2011 to spearhead comprehensive international trade reform in a bid to transform the city from a goods supplier to a supplier of comprehensive business services. China's foreign trade achieved steady and rapid development in 2013, which was not an easy accomplishment given the volatile international situation, he said. However, outstanding problems still exist, Wang said, citing unreasonable trade structure, a low level of science and technology in production, and poor efficiency. Some companies are big but lack in competitiveness and potential for stable growth. China must press ahead with the transformation of foreign trade, focusing on long-term growth, he said, noting the need for more Chinese-owned brands and the development of new types of trade, such as e-commerce. Innovations in business transactions have spurred growth, he said, urging more streamlined efforts in areas such as customs clearance for efficiency.