Ningbo takes measures to support foreign trade enterprises

Foreign trade in Ningbo, a renowned foreign trade hub in China, is valued at more than $100 billion yuan for the past seven years. [Photo by Shui Guixian/WeChat account: nbfb0574]

Ningbo recently released guidelines to help local foreign trade companies weather the ongoing pandemic. 

The guidelines primarily consist of 10 measures aimed at providing enterprises with support related to laws, financing, credit insurance, and customs clearance. 

Local authorities will allocate 200 million yuan ($28.9 million) in funds to facilitate the implementation of the measures, which will benefit companies of all sizes throughout the city.

Official data shows that Ningbo was home to 21,413 foreign trade companies in 2019. Among them, 200 had foreign trade values of at least $100 million.

The government will provide these 200 companies with 100 billion yuan in loans.

It will also remove last year's $30-million foreign value requirement for companies applying for loans, allowing all enterprises with a foreign trade value below $100 million to apply for loans without guarantees. 

Meanwhile, enterprises will be encouraged to explore new business strategies such as constructing overseas warehouses and operation centers, expanding domestic markets, and using online channels to sustain growth. 

The local government also plans to make customs clearance more efficient and slash fees incurred in the process, while also shortening the amount of time needed to process tax rebates for exports.

Foreign trade in Ningbo, a renowned foreign trade hub in China, has been valued at more than $100 billion yuan for the past seven years. 

The total value of imports and exports in Ningbo surged 6.9 percent to 917.03 billion yuan last year. Its imports rose 5.8 percent year-on-year to 320.06 billion yuan, while its exports climbed 7.6 percent to 596.96 billion yuan. These values account for 3.46 percent of the nation's total imports and exports.