(MENAFN) New policies in China will help put the country's economy on the right track again. The Chinese are hoping that implementing these new policies will bring stability to the economy and push its growth, Xinhuanet reported.
These new policies aim at removing hurdles that hold the Chinese economy from evolving. Policies include exempting micro and small-sized enterprises (MSEs) from profit tax and value-added tax (VAT).
Customs clearance processes in China will be simplified by the "one-time declaration, one-time inspection and one-time clearance" to increase exports.
Also, the policies will include boosting foreign trade and opening the railway construction market.
President of the Chinese Academy of International Trade and Economic Cooperation, Huo Jianguo, said: "It's necessary for China to put forward trade support measures so that foreign trade will maintain moderate growth. Otherwise, declining trade will bring a negative momentum to the country's economic growth."
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