More Financial Support with Favorable Policies to Help Export Enterprises
The country will be providing more financial support among other favorable policies that will help export enterprises to further boost foreign trade even in the midst of a slow global demand. Financial institutions are encouraged to provide loans to export enterprises that have new orders and earn from its profits. According to Premier Li Keqiang more Export credit insurance financing are provided to exporters and a short term export credit insurance is increased, while export tax rebate rates are raised for machinery and electronic products.
This will be the first time in ten years that the 2016 Government Work Report that was delivered last month included a set growth target for foreign trade which indicates that the sector is undergoing difficulties. In March China’s foreign trade has increased by 8.6 percent and exports increased by 18.7 percent that ended eight months of decline and exceed market expectations. Plus new business models are encouraged to further boost foreign trade, along with pilot projects that are conducted to expand cross border e-commerce. The government also endorses enterprises in providing comprehensive foreign trade services like establishing overseas warehouses that will help cultivate independent brands for foreign trade.
Meanwhile, new business models will be encouraged to boost foreign trade. More pilot projects will be conducted to expand cross-border e-commerce, and the government will endorse enterprises to provide comprehensive foreign trade services such as establishing overseas warehouses. In addition, the country will cultivate independent brands for foreign trade. Imports for last month decreased by 1.7 percent year on year which pushed the implementation of a proactive import policy that focuses on advanced equipment and technology.