The category of industries where foreign investment is encouraged will be expanded, and the list of prohibited goods in processing trade will be shortened.

"We must take a holistic approach in developing domestic and foreign trade, and swiftly introduce support policies prioritizing the domestic sales by processing trade companies," Li added.

It was also decided that given the serious outbreak situation globally, the 127th China Import and Export Fair, also known as Canton Fair, will be hosted online in mid- to late June.

Companies from home and abroad will be widely invited to exhibit their products online. Powered by advanced information technology, the Fair will provide around-the-clock services for online product promotion, matchmaking and business negotiations. It will be an Internet-enabled foreign trade platform of quality and specialty products where Chinese and foreign businesses may place orders and cut deals without the hassle of travel.

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