Xiamen takes measures to boost foreign trade
In light of the challenges brought by the COVID-19 epidemic, the government of Xiamen, East China's Fujian province recently introduced a series of measures to boost the development of the local foreign trade enterprises.
The measures state that government departments involved in foreign trade and capital must fulfill their responsibilities and strengthen cooperation with one another in a timely manner to solve problems related to the development of foreign trade and business operations.
The Xiamen branches of China Development Bank and the Export-Import Bank of China will set aside 1 billion yuan ($153.6 million) worth of credit loans for small- and micro-sized enterprises. The loan will be issued by commercial banks.
The government will strive for more preferential credit loans from the Xiamen branch of the Export-Import Bank of China. No less than 15 billion yuan worth of loans will be issued to the foreign trade industry over the year.
For SMEs whose annual export volumes are less than $3 million, the premium rate of export blanket insurance will be reduced by at least 10 percent, with the premium covered by the municipal government. Construction of the Huli imports demonstration zone will be promoted and key import platforms will be built. Local companies are encouraged to take part in the China International Import Expo. The cost of sideline activities and promotions on behalf of the Xiamen trading group during the expo will be covered by the municipal government.
Local companies are encouraged to build their own brands and promote themselves on the city's foreign trade website AMOY BRAND.
Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.