China to Help Foreign Trade Enterprises Overcome Pandemic Challenges and Maintain Steady Trade Growth

According to a circular released by the State Council on 26 May, China will help foreign trade enterprises through current challenges and maintain steady and high-quality growth of the sector to stabilise the economy and supply chains. Local governments are required to establish services and safeguard systems for key foreign trade enterprises, and keep track of and solve their difficulties in a bid to support their production and operation. Meanwhile, smooth logistics for foreign trade goods will be ensured, and local governments should streamline logistics procedures to reduce the waiting time for berths on international liners, and ensure the transport of important parts, devices and products. Marine logistics services will be strengthened to keep foreign trade steady. The circular also indicated that policies facilitating export goods return and exchange will be put in place to accelerate and improve cross-border e-commerce. In the meantime, China will expand short-term export credit insurance and export credit, while further enhancing financial support to micro, small and medium-sized enterprises. The renminbi exchange rate will also be kept generally steady on a reasonable and balanced level to improve foreign trade enterprises' exchange rate risk controls.