More help set for ex­porters

China Daily (Canada) - - FRONT PAGE - By HU YONGQI in Bei­jing huy­ongqi@chi­

The country will pro­vide more fi­nanc­ing sup­port and other fa­vor­able poli­cies to ex­port en­ter­prises to boost for­eign trade amid slug­gish global de­mand.

Fi­nan­cial in­sti­tu­tions were en­cour­aged to pro­vide loans to ex­port en­ter­prises that have new or­ders and earn prof­its, ac­cord­ing to an ex­ec­u­tive meet­ing of the State Coun­cil on Wed­nes­day presided over by Premier Li Ke­qiang.

More ex­port-credit in­surance fi­nanc­ing will be pro­vided to ex­porters, and short-term ex­port credit in­surance will be in­creased for them, a state­ment re­leased af­ter the meet­ing said. Mean­while, ex­port tax re­bate rates will be raised for some ma­chin­ery and elec­tronic prod­ucts.

For the first time dur­ing the past 10 years, the 2016 Govern­ment Work Re­port, de­liv­ered last month by Li, did not set a growth tar­get for for­eign trade, in­di­cat­ing that the sec­tor has un­der­gone dif­fi­cul­ties.

China’s for­eign trade in­creased by 8.6 per­cent year-on-year in March, and ex­ports rose by 18.7 per­cent to end eight months of de­cline, far ex­ceed­ing mar­ket ex­pec­ta­tions, ac­cord­ing to the Gen­eral Ad­min­is­tra­tion of Cus­toms.

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.

Last month, im­ports de­creased by 1.7 per­cent year-on-year, so the meet­ing de­cided to carry out a proac­tive im­port pol­icy with a fo­cus on ad­vanced equip­ment and tech­nolo­gies.

Wang Zhuilin, a pro­fes­sor of in­ter­na­tional busi­ness at Wuhan Univer­sity in Hubei prov­ince, said the ex­port mea­sures are in­tended to en­sure a cap­i­tal chain for qual­ity ex­port en­ter­prises and to ease their bur­dens.

“In this way, prof­itable ex­porters can lower their costs and save cash for in­no­va­tion and tech­no­log­i­cal up­grad­ing, which will help in­crease their com­pet­i­tive­ness in the global mar­ket,” he added.

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