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China's foreign trade firms quicken pace to resume production

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Christian Fernsby ▼ | March 20, 2020
China's foreign trade firms quickened its pace to resume production slowed down by the novel coronavirus as a raft of supportive policies started to take effect, a commerce ministry official said yesterday.
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About 67 percent of the country's key import and export firms recovered over 70 percent of production capacity, said Jiang Fan, the official. The figures did not include those in Hubei Province that has been hard hit by the virus outbreak.

Topics: China trade

To facilitate the sector's production resumption, the ministry has resorted to policy tools such as export tax rebates and export credit insurances for foreign trade firms and introduced measures to help them secure orders and maintain market shares, according to Jiang.

Noting that the outbreak has rippled around the world and inflicted negative impacts on the global industrial chain, Jiang said that China has confidence in keeping its foreign trade stable.

China's foreign trade sector has a strong resilience and sound development prospects, and will remain open to the outside world, Jiang added.

The ministry also vowed to take targeted measures to help firms tackle issues such as the lack of labor, capital and raw materials while encouraging localities and business organizations to provide necessary legal and information-related services.