Chinese gov't vows to support foreign trade

The State Council, China's Cabinet, has vowed to support the stable growth of foreign trade and improve foreign trade structure.

China faces a tough situation in foreign trade and must work hard to reach its annual targets, said a statement released after an executive meeting of the State Council on Wednesday.

The meeting was presided over by Premier Li Keqiang.

The first measure that should be taken is to optimize foreign trade structure, including encouraging imports of advanced technology equipment and key parts, the statement said.

The second measure that should be taken is to facilitate trade, including clearing intermediary services and fees, it said.

Fund-raising services must be improved, the processes of export tax rebates accelerated and competition must be improved.

The meeting also stressed employment for college graduates. China will see 7.27 million graduates this year, the most ever, and faces employment pressure. Based on existing policy, new measures will be taken to boost employment of college graduates and encourage them to start their own businesses.

The government's policies to subsidize small and micro enterprises which employ college graduates will be prolonged to the end of 2015 and technology firms can apply for no more than 2 million yuan (330,000 U.S. dollars) in loans with discounted interest, according to the statement.

The meeting also stressed further protection of workers' basic rights and interests.