China is planning to roll out measures to help foreign trade firms expand into the domestic market, as it seeks to offset the impact of an intensifying trade war with the United States.
The Ministry of Commerce is currently exploring the most effective ways to help exporters pivot to the domestic market, with minister Wang Wentao visiting a textile trading company in Shanghai over the weekend, according to Yuyuan Tantian, a social media account affiliated with state broadcaster CCTV.
For China’s exporters, switching to selling domestically brings a host of challenges, including adapting to different consumer preferences, payment systems and regulatory regimes.
“Integrating domestic and foreign trade and supporting export firms in expanding their local sales will be a long-term strategy, rather than a temporary response to external shocks,” the Yuyuan Tantian report said.
