Ministry of Commerce: Increase funding support for foreign trade companies to promote cross-border e-commerce development

On November 21, the Ministry of Commerce issued a number of policies and measures to promote the sustainable growth of foreign trade (hereinafter referred to as “Measures”).

The “Measures” suggest increasing funding support for foreign trade enterprises. The Export-Import Bank of China should strengthen the extension of credit in the field of foreign trade and better adapt to the financing needs of different types of foreign trade enterprises. Banking institutions are encouraged to continue to optimize financial services for foreign trade enterprises in terms of credit, loans, and repayments on the basis of carefully verifying the authenticity of the background trading information and effectively controlling risks. Financial institutions are encouraged to increase financing support for small, medium and micro foreign trade enterprises in accordance with marketing principles and the rule of law.

The “Measures” must promote the development of cross-border e-commerce. Continue to promote the construction of overseas smart logistics platforms. Support qualified places to explore and build cross-border e-commerce service platforms to provide enterprises with overseas legal affairs, tax facilities and other docking services.

The “Measures” indicate that the importation of key equipment, energy resources and other products will be supported. Regarding the new version of the “Directive Catalog for Industrial Structural Change”, the “Catalogue of Incentivized Technologies and Imported Products” has been revised and published. Improve the import policy for raw materials recycled copper and aluminum and other materials, and expand the import of renewable resources.

Several policies and measures to promote sustainable growth in foreign trade

1. Expand the scale and coverage of export credit insurance. Support enterprises to explore diversified markets, encourage relevant insurance companies to increase underwriting support for “small giants”, “hidden giants” and other enterprises, and expand underwriting in the credit insurance business chain from -trade.

2. Increase financing support for foreign trade enterprises. The Export-Import Bank of China should strengthen the extension of credit in the field of foreign trade and better adapt to the financing needs of different types of foreign trade enterprises. Banking institutions are encouraged to continue to optimize financial services for foreign trade enterprises in terms of credit, loans, and repayments on the basis of carefully verifying the authenticity of the background trading information and effectively controlling risks. Financial institutions are encouraged to increase financing support for small, medium and micro foreign trade enterprises in accordance with marketing principles and the rule of law.

3. Optimize cross-border trade arrangements. Lead banking institutions to optimize their overseas presence and improve their service support capabilities for ventures to explore international markets. Strengthen macroeconomic policy coordination and maintain the fundamental stability of the RMB exchange rate at a reasonable and balanced level. Financial institutions are encouraged to provide more exchange rate risk management products to foreign trading companies to help companies improve their exchange rate risk management levels.

4. Encourage the development of cross-border e-commerce. Continue to promote the construction of overseas smart logistics platforms. Support qualified places to explore and build cross-border e-commerce service platforms to provide enterprises with overseas legal affairs, tax facilities and other docking services.

5. Expand the export of certain agricultural products and other goods. Expand the export of beneficial and specialized agricultural products, increase promotion and support, and cultivate high-quality development organizations. Lead and assist enterprises to proactively deal with unreasonable restrictions on foreign trade and create a favorable external environment for exports.

6. Support the importation of key equipment, energy resources and other products. Regarding the new version of the “Directive Catalog for Industrial Structural Change”, the “Catalogue of Incentivized Technologies and Imported Products” has been revised and published. Improve the import policy for raw materials recycled copper and aluminum and other products, and expand imports of renewable resources.

7. Encourage innovative development of green trade, cross-border trade, and bonded maintenance. Strengthen the link between third party carbon service organizations and foreign trading companies. Actively develop border trade and facilitate the processing of imported goods traded between border residents. Research and issue a new batch of comprehensive bonded zone maintenance product catalogs, a second batch of “two ends out” bonded maintenance product catalogs in the free trade pilot zone, and support a new batch of complete bonded zones and “both outer ends” bonded pilot projects maintenance outside the free trade pilot zone, bonded zones Complete The pilot project was reworked enforced “two ends outside” within the country.

8. Attract and facilitate cross-border exchange of business people. Develop the exhibition public service platform of trade promotion organizations and the digital platform of service enterprises, and strengthen exhibition information services and external publicity and promotion. Regularly advance the negotiation of visa waiver agreements with more countries, orderly expand the scope of countries to which China’s unilateral visa waiver policy applies, expand the scope of application of the transit visa waiver policy, expand the length of stay, and provide important temporary and urgent business groups to China according to regulations.

9. Improve foreign trade shipping support capabilities and strengthen employment services for foreign trade enterprises. Support foreign trade companies and shipping companies to strengthen strategic cooperation. Increase support for foreign trade companies to reduce their liabilities and stabilize employment, implement policies such as unemployment insurance reimbursements to stabilize employment, guaranteed entrepreneur loans, and regulated interest subsidies , and vigorously promote the “direct subsidy and fast processing” treatment model to reduce business operating costs. Enter major foreign trade enterprises into the scope of enterprise employment service commitments, and strengthen the management services of human resources and social security experts.

All regions, departments and relevant units must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, focus on striving to achieve the annual economic and social development goals, effectively promote the sustainable growth of foreign trade, and actively cultivate new foreign trade growth with a long-term perspective. All regions must make efforts to promote policy implementation, and regions with major foreign trade must take the lead and play the main supporting role better. The Ministry of Commerce should work with relevant departments and units to closely monitor foreign trade activities, analyze changes in the situation, strengthen supervision and inspection, implement existing policies and average gradually in the field of foreign trade, to help foreign trade companies stabilize orders and expand markets, and provide opportunities for continued economic recovery.