Govt vows more financial assistance to boost foreign trade

China will strengthen financial support to its border and cross-border economic cooperation zones to create better condition for companies to resume production, as well as foster fresh momentum for foreign trade growth, according to the Ministry of Commerce.

Government departments and policy banks will provide guidance and financial support to companies operating in border and cross-border economic cooperation zones and resolve urgent issues such as ensuring capital turnover and broadening the financing channels to assure smooth operation of their industrial and supply chains, to minimize the impact caused by the COVID-19 outbreak, said a circular jointly unveiled by the Ministry of Commerce and the Export-Import Bank of China on Tuesday.

The government will raise credit support in key areas and promote the growth of industrial complex in its border and cross-border economic cooperation zones, encourage businesses in these areas to undertake industrial transfers and diversify goods trade categories, especially with markets participating in the Belt and Road Initiative, the document said.

China will expand policy coverage by attracting more foreign companies to establish facilities within border and cross-border economic cooperation zones to further diversify these areas' developing strength.

The Export-Import Bank of China is a State-funded and State-owned policy bank with the status of an independent legal entity. Under the leadership of the State Council, the bank provides financial services to China's foreign trade, investment and international economic cooperation.