Wuxi publishes measures to stabilize foreign trade, foreign investment

Authorities of Wuxi in East China's Jiangsu province recently rolled out measures to stabilize foreign trade and investment, Wuxi Daily reported on Sept 6.

"Enterprises are key to imports and exports," said an official from the municipal bureau of commerce, adding that the 10 foreign trade measures stress serving foreign trade enterprises.

The measures offer enterprises policy support in stabilizing supply chains, expanding into international markets, and developing cross-border e-commerce.

New forms of foreign trade, including cross-border e-commerce, overseas warehouses, bonded maintenance and detection, and refabrication, are the major beneficiaries of these measures.

Enterprises are also encouraged to leverage the Regional Comprehensive Economic Partnership agreement to increase their exports of competitive products to RCEP members.

Subsidies will be given to qualified small and medium-sized foreign trade enterprises that are active in tapping international markets.

Incentives are one of the 10 foreign investment promotion measures.

Foreign investors will be given an award of up to 50 million yuan ($7.21 million) in accordance with the actual amount of annual foreign capital received. Enterprises that build headquarters enterprises in Wuxi will receive a maximum award of 60 million yuan for each headquarters enterprise.

The measures are meant to increase Wuxi's attractiveness to foreign capital and bring in more Global Fortune 500 enterprises and industry leaders to the city, said the commerce bureau official.

He also noted that foreign investors are encouraged to invest in advanced manufacturing, strategic emerging industries, and the modern service industry.