China will take new measures to keep foreign trade and investment stable, and to help enterprises overcome difficulties and mitigate the impact of the coronavirus outbreak.
All refunds Export tax reforms, except for energy-intensive, polluting and resource-intensive products, should be carried out in full and without delay, according to an executive meeting chaired by Premier Li Keqiang on Tuesday.
The country will encourage financial institutions to increase their loans related to foreign trade, and fully comply with the loan deferral policy in principal and interest for smaller promising firms heavily affected by the outbreak. Commercial insurance companies will be supported to offer export credit insurance services short-term and to reduce premium rates.
At the meeting, firm measures were urged Preparations for the China Import and Export Fair this spring, also known as the Canton Fair, to strengthen foreign trade cooperation.
Efforts need to be intensified to reduce the negative list on foreign investment and expand the catalogues of industries in which foreign investment is encouraged so that foreign investors in more sectors can receive benefits in terms of taxes and other incentives.
Li called for recent tax cuts and quota policies designed to help companies overcome difficulties to be applied equally to domestic and foreign-invested enterprises.
The meeting called for precise measures prevention and control of the epidemic in accordance with the epidemic situation of each region, amid a faster pace of resumption of work and production throughout the industrial chain.
Efforts need to be intensified to strengthen international cooperation with measures such as the increase in international cargo flights, in an attempt to keep the global supply chain flowing smoothly, the meeting said.
Financial institutions will be guided to provide more working capital loans and reasonable credit lines for core enterprises in the industrial chain, the meeting added.
The meeting called for more policies and loans to better ensure the capital needs of Supplies against the epidemic, spring agriculture, global supply chain product manufacturing, as well as labor-intensive industries.
More policies to cut reserve requirements for inclusive finance will soon be introduced, and standards for joint-stock banks to lower financing costs for companies will be further lowered.
Amid efforts to mitigate the impact of the epidemic, more measures will be considered to deepen reform and opening-up to stimulate market vitality and boost domestic demand, according to the meeting.
The meeting also called for efforts to provide more opportunities for entrepreneurship and flexible labour market to further stabilise employment.
Source: Xinhua
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