China unveils measures to keep foreign trade stable

BEIJING: China on Tuesday unveiled new guidelines to ease pressures on foreign trade companies and keep the country’s exports and imports stable.

The country will further open up the economy and carry out cross-cyclical adjustments to support medium, small and micro-sized foreign trade companies, and guarantee their orders and stabilise expectations, according to the guidelines on further stabilising foreign trade released by the State Council.

The guidelines detailed 15 measures including fiscal and financial support for foreign trade companies as well as incentives for new forms of businesses in foreign trade.

According to the document, the yuan exchange rate will be kept stable at a reasonable and balanced level, and the country will help foreign trade companies hedge against foreign exchange risks.

China will also adopt measures to ease the supply chain risks for foreign trade companies and encourage them to sign long-term deals with shipping firms.

The guidelines stressed efforts on imports of bulk commodities to ensure sufficient domestic supply.

The country will further enhance trade liberalisation and facilitation, and take the implementation of the Regional Comprehensive Economic Partnership as an opportunity to further stabilise foreign trade, the guidelines stated.

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