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News from China
China unveils a package of policies to support economy
1st June 2022

China's State Council issued a circular on Tuesday, urging the implementation of a package of detailed policy measures to further stabilize the economy.

The package, which was announced at a State Council executive meeting last week, includes 33 measures covering fiscal and financial policies as well as policies on investment, consumption, food and energy security, industrial and supply chains, as well as people's livelihoods.

China will enhance measures on value-added tax credit refunds, quicken fiscal spending and accelerate the issuance of local government special bonds, according to the circular.

In terms of monetary and financial policies, the country will reduce real borrowing costs, boost financing efficiency via capital markets, and strengthen financial support for infrastructure and major projects.

On investment and consumption, China will boost investment in transport infrastructure, promote the healthy development of platform economy and stimulate purchases of cars and home appliances, the document said.

Source: Xinhua
China's banking sector ratchets up support to boost economy
31st May 2022

As the fallout of COVID-19 continues to weigh on the world's second-largest economy, China's banking sector has ratcheted up support measures to boost the economy, channeling funds to where they are needed the most.

In times of increasing downward pressure, financial institutions, as a supporting force for growth, are expected to step in and energize firms while implementing pro-growth measures, analysts said.
At a State Council executive meeting earlier this month, China's policymakers announced a new package of 33 measures to stimulate growth, urging lenders to extend stronger credit support to market entities undergoing great difficulties.
China's market entities, totaling 158 million as of the end of last month and major job creators for the economy, have been under greater strains amid economic pressure at home and mounting challenges abroad.
The meeting decided to double the scale of the support facility for inclusive loans to micro and small businesses, as well as its share of the increase in the loan balance.
Banks are encouraged to defer, within this year, principal and interest repayments on loans made to micro, small and medium-sized enterprises and self-employed households, truck loans, and home loans and consumer loans owed by individuals facing temporary difficulties, according to the meeting.
These new preferential policies represent banks' continued credit support to smaller enterprises in the country. To assist businesses to survive and thrive, China's banks have been fine-tuning measures to direct more funds to smaller firms since the start of this year.
Official data showed that outstanding loans to small and micro businesses nationwide stood at 53.54 trillion yuan (about 8 trillion U.S. dollars) as of the end of April, of which inclusive loans to small and micro firms reached 20.5 trillion yuan, up 21.64 percent from a year ago.
As part of efforts to ease the burden on businesses, China has also adopted value-added tax (VAT) credit refunds, which have seen solid implementation so far.
In the COVID-hit metropolis Shanghai, for instance, the People's Bank of China Shanghai Head Office has issued a guideline, requiring stronger coordination across fiscal and taxation organs to ensure that market entities get their share of VAT credit refunds without impediments and delays.
As of May 29, VAT credit refunds in the city reached 45 billion yuan and benefited over 60,000 firms, data from the central bank showed.
On top of relief measures, banks are also on the move to bolster key areas of growth, with proactive steps taken in sectors such as manufacturing and infrastructure.
According to a guideline unveiled by the China Banking and Insurance Regulatory Commission on May 13, lenders are urged to optimize the structure of loans to firms in the manufacturing industry and prioritize advanced and high-end equipment manufacturing.
Pan Helin, a researcher at Zhejiang University, said that financial institutions can develop more convenient credit products and services with lower interest rates, so that the diverse demands of manufacturing firms can be satisfied.
As emphasized in several high-level meetings recently, the country this year will reinforce infrastructure construction amid its efforts to stabilize growth.
Zeng Gang, deputy director of the National Institution for Finance and Development, said that banks, pursuant to policy arrangements, should focus on local infrastructure projects and provide necessary credit support based on financing demands on the ground.
For the next step, China will continue to guide financial institutions to lower financing costs and strengthen support for key areas and weak links while keeping the total credit at a stable level, the central bank said.
Source: Xinhua
China makes all-out efforts to prop up foreign trade
30th May 2022

Against the headwinds from COVID-19 resurgences and external complexity, China's efforts are underway to stabilize and upgrade foreign trade, a key underpinning for the economy.

The latest data showed a feeble April growth of only 0.1 percent in the total exports and imports, indicating that the country's foreign trade firms are under strain.
To help foreign trade navigate the trough, a guideline was released by the country's cabinet earlier this week, specifying 13 targeted measures toward this end. It requires enhanced services for key foreign trade enterprises and unimpeded cargo logistics.
Apart from increasing fiscal and financial support for foreign trade enterprises, the country will also seek to bolster cross-border e-commerce, it says.
The fresh guideline, in particular, prioritizes ensuring stable production and circulation in foreign trade, saying that key components and equipment, as well as merchandise in foreign trade, must be transported smoothly.
"Compared with its previous moves, China this time placed more emphasis on steadying the industrial and supply chains in the short term," said Zhao Ping, a researcher with the Academy of China Council for the Promotion of International Trade.
"Unclogging the logistics is of paramount importance for foreign trade at present," Zhao said. She noted that the recent sporadic COVID-19 cases have weighed on the foreign trade supply chain, restraining production efficiency and profitability.
To address the challenges, customs nationwide have tailored region-specific measures to streamline procedures and fast-track freight clearance.
In the Huangpu customs district of south China's Guangdong, for instance, all administrative restrictions have been scrapped, with a green channel where farm produce and fresh foods enjoy faster access and inspection.
Thanks to such facilitation, it only takes 16 hours for a package of vegetables, fresh out of Guangdong farms, to arrive at a Hong Kong food market, said a Huangpu customs officer.
For sea freight, east China's Huzhou has launched a pre-arrival declaration model, which allows importers to finish declaration, license verification and duty payments before their cargo enters ports. This reduces a cargo's stay at a port to less than 20 minutes.
While offering recipes for logistics, the guideline underscores the fostering of new growth drivers for foreign trade. Singling out cross-border e-commerce, the guideline encourages the licensing of qualified firms in this sphere as "hi-tech or new-tech enterprises."
"Innovation is the only choice for foreign trade companies to handle challenges and make breakthroughs," said Zhao, noting that cross-border e-commerce exemplifies the innovation-driven development of foreign trade.
"This requires the country to give the same policy support to cross-border e-commerce as to the hi-tech sectors, and help its innovation-based growth," Zhao said.
Zhao also advised foreign trade-related industries to nurture new business models within China's bonded areas, citing the maintenance of bonded goods, a business model where technicians repair or upgrade flawed foreign goods and then return them to the producers. It is an integration of merchandise trade and service trade, Zhao said.
As foreign trade firms seek opportunities globally, the guideline details measures to better protect them from risks, calling on financial institutions to expand the coverage of export credit insurance for small and micro exporters.
Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, compared such insurance to an "escort" for enterprises sailing into overseas markets. "Targeted efforts are needed to reduce insurance costs on small and micro foreign trade firms, and improve services for claim settlement," Bai said.
Financial institutions are also broadening foreign trade firms' access to capital, in a bid to boost market confidence. A case in point is the Export-Import Bank of China, a policy bank that has recently issued bonds aimed at boosting foreign trade.
Worth 3 billion yuan (about 445 million U.S. dollars) and with a one-year duration, these bonds will help raise funds for sectors in foreign trade, according to the bank.
Source: Xinhua
China details measures to stabilize, upgrade foreign trade
27th May 2022

China has detailed measures to stabilize and upgrade foreign trade, in an effort to keep the economy and industrial and supply chains stable.

According to a guideline released on Thursday by the State Council, China's cabinet, services for key foreign trade enterprises will be enhanced and measures will be put in place to ensure unimpeded logistics for foreign trade cargos.
Fiscal and financial support for foreign trade enterprises will be strengthened, according to the guideline, while efforts will be made to shore up cross-border e-commerce.
The guideline also noted that online exhibitions should be optimized to help enterprises increase the volume of foreign trade transactions.
A new batch of demonstration zones to promote imports will be fostered, it said.
Source: Xinhua

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