By South China Morning Post | Created at 2024-11-21 11:11:39 | Updated at 2024-11-21 15:10:22
4 hours ago
China has announced it will aid its export sector with policies to cope with external trade barriers – restrictions that are likely to be cemented further by the incoming Donald Trump administration – including direct guidance to aid the country’s exporters through a turbulent trade climate.
In a notice issued on Thursday, the Ministry of Commerce said it will help enterprises “actively respond to unreasonable foreign trade restrictions” and “create a good external environment for exports”.
The nine-point document, which enumerated measures intended to “promote the stable growth of foreign trade and consolidate and enhance the trend of positive economic recovery,” also includes an expansion of export credit insurance coverage and more financing support to enterprises involved in international trade.
Regions of the country, particularly those with an outsize share of cross-border trade, were encouraged to do their part. “All localities must intensify efforts to promote policy implementation, and major foreign trade provinces must take the lead and better play their roles,” the ministry said.
Overseas settlements and the basic stability of the yuan exchange rate were also mentioned, both major nodes of interest as China stakes out a larger share for its currency in international payments to match its proportion of global trade.
The ministry also called for the strengthening of cross-border e-commerce, which it said has become a bright spot in the country’s economy.
