Wang: will work to further accelerate foreign trade

Wang: will work to further accelerate foreign trade

China’s Commerce Minister Wang Wentao has outlined plans to accelerate foreign trade growth and expand international cooperation under the new 2026–2030 five-year plan, emphasizing efforts to balance trade and enhance consumer-oriented policies. These initiatives align with the recently revised Foreign Trade Law, which took effect on March 1, 2026, and strengthens China’s legal framework for addressing global trade challenges. The updated law expands regulatory authority to restrict or prohibit the import and export of goods and technologies, introduces broader "catch-all" provisions for emergency measures, and enhances penalties for violations, reflecting a shift toward comprehensive trade governance.

Key revisions include provisions to counter unilateral sanctions and trade suppression, such as authorizing trade bans or restrictions against foreign entities that threaten China’s sovereignty or development interests. The law also clarifies mechanisms for responding to treaty violations by foreign partners, allowing China to suspend obligations or take unilateral measures if dispute resolution mechanisms fail. Additionally, the revision emphasizes alignment with international economic rules, including support for digital and green trade, and strengthens intellectual property protections to foster a rules-based trading system.

Wang highlighted that these reforms aim to create a more open and predictable environment for businesses while addressing rising global protectionism. The government also plans to expand auto consumption, upgrade household appliances, and implement policies to directly benefit consumers, further stimulating domestic demand and trade. Analysts note that the updated legal framework supports China's strategic goals of high-quality trade growth and multilateral cooperation amid evolving geopolitical and economic dynamics.