Recently, the Ministry of Commerce and other nine departments issued a notice on “Several Policies and Measures for Promoting Service Export”. It contains 13 specific measures to provide comprehensive policy support for service export. The document puts forward 13 policy measures to promote service export from the aspects of finance, taxation and finance, covering the demand of service export chain.
The document defines the key development areas of China’s service export and provides comprehensive policy support for service export. It is helpful to promote the export of key service areas, especially knowledge-intensive service areas, such as digital services, R&D and design, supply chain services and intellectual property rights, and enhance the international competitiveness of China’s service trade.
What are the “new formulations” in the “Policy Measures” released this time? What new kinetic energy will they inject into service exports? Mainly include: clearly promote the optimization of zero tax rate declaration procedures for service exports; Improve the level of facilitation of inbound consumption; Encourage the development of international data services.
Experts said that on the one hand, these new formulations emphasize the full use of existing policies, on the other hand, they are conducive to deepening and expanding policies and measures to promote service exports, such as expanding the scale and coverage of export credit insurance underwriting and improving the level of facilitation of cross-border fund settlement in service trade.
Broadening international market channels is the key to promote the sustained growth of service exports. The document released this time focuses on two major directions: regulatory facilitation and international market development, creating a better environment for service export. In terms of regulatory facilitation, the document proposes to facilitate personnel exchanges and promote inbound consumption. Optimize the management of cross-border capital flows, promote and standardize cross-border data flows, and accelerate the development of international data services. In terms of international market development, the document proposes to further play the role of service trade intermediary organizations and provide more support for enterprises to explore the international market.
Source: Xinhuanet, CCTV News
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