China has unveiled a series of measures to promote the stable growth of foreign trade and consolidate economic recovery, according to a circular issued by the Ministry of Commerce on Thursday.
Insurance companies are encouraged to strengthen their support for “small giants” and “hidden champions” companies in their efforts to expand into diversified markets, according to the circular.
“Little giant” companies refer to the new elites of Chinese small and medium-sized enterprises (SMEs) engaged in manufacturing, specializing in a niche market and possessing cutting-edge technologies. “Hidden champions” are high-performing but lesser-known SMEs that are global leaders in terms of market share in their respective niches.
Banking institutions must continue to optimize financial services for foreign trade businesses, particularly in areas such as credit approval, loan disbursement and repayment, while ensuring rigorous verification of the authenticity of transactions commercial and effective risk management.
Financial institutions are encouraged to increase financial support to micro, small and medium-sized enterprises based on market-oriented principles and respecting the legal framework, the document said.
Efforts should be made to optimize the settlement of cross-border trade, promote the development of cross-border e-commerce, increase exports of agricultural products, and support imports of key equipment and energy resources.
The country will also encourage the innovative development of green trade and border trade, facilitate cross-border business travel, strengthen support for maritime transportation for foreign trade, and improve employment services for foreign trade enterprises, according to the circular.
The latest policy measures come as part of China’s continued efforts to boost foreign trade growth, develop new international competitive advantages and achieve mutual benefits with other countries.
