Inner Mongolia launches foreign investment, trade policies

The government of Inner Mongolia autonomous region recently launched policies to stabilize its foreign trade and boost foreign investment during the outbreak of the novel coronavirus, according to information released by the government information office on Feb 18.

The government based its policies on the paper Opinions on Implementing Classified Guidance and Accurate Policy Coordination to Do Well in Epidemic Prevention and Control and Economic and Social Development.

Officials said the Inner Mongolia government was encouraging companies to further engage in international commerce and investment.

They said the government will make efforts to create a favorable environment for foreign trade development, support foreign trade companies to resume production, increase trade financing support, and give full play to the role of export credit insurance to protect the market and orders.

To attract foreign investment, the government will promote the implementation of foreign investment projects. Officials said it will comply with foreign investment laws and support regulations, and protect the legitimate rights and interests of foreign-funded enterprises.

With regards to foreign trade, the authorities will optimize the workflows of the import and export management process and process online applications for import and export licenses.

Measures to expand supply channels to import urgently needed materials for virus prevention and control will also be taken, to streamline customs clearances and transport logistics.

Officials said that for enterprises that could not honor international trade contracts on time due to the virus outbreak, guidance will be provided by the government to apply for factual proof related to force majeure in a timely manner, to help companies prevent default risks.

The government will also guide enterprises to adjust their recent trade promotion activities – such as participating in the Canton Fair, the East China Fair and overseas exhibitions – to engage in online trade displays.

In addition, the government will create conditions for qualified enterprises in Inner Mongolia to issue foreign debt and expand overseas financing channels.