China vows more efforts to help foreign trade companies overcome difficulties

China's Ministry of Commerce (MOC) on June 10 pledged measures to help foreign trade businesses tide over difficulties as the sector faced "unprecedented" challenges due to the novel coronavirus pandemic.

Despite lockdowns easing in some countries and regions, it will still take time for the demand to recover as there are increasing uncertainties in global trade, MOC official Zhang Li said at a press conference.

To stabilize foreign trade and investment, China has introduced a string of measures including financing support and simplified procedures.

The government has also increased focus on fostering new trading models such as cross-border e-commerce.

In addition to setting up 59 cross-border e-commerce pilot zones, China has approved 46 new ones and exempted retail exports from value-added tax and consumption tax in all pilot zones, while encouraging companies to jointly build and share overseas warehouses.

The commerce ministry said it would make targeted efforts to support exporters in selling their goods in the domestic market and to expand imports to promote quality development of foreign trade.

As part of efforts to stabilize global supply and industrial chains, the 127th session of the China Import and Export Fair, also known as Canton Fair, will be held online from June 15 to 24.