Several cities in northeast China have leveraged their unique geographical advantages that enable the cultivation of high-quality herbs used in traditional Chinese medicine (TCM), while improved customs services expedited a surge in TCM exports in the first seven months of this year.
In Liaoning Province, machines regularly hum in a TCM pharmaceutical company's production workshop. After sorting, drying, and processing, a batch of newly produced TCM ingredients like Codonopsis, Astragalus, and Rehmannia are packed. Having passed inspection, a batch of 12 types of TCM ingredients is ready for export.
As the industry buzzes, local customs authorities have supported pharmaceutical companies with regular briefings on the latest international entry standards, helping facilitate exports and reduce potential losses.
"Exporting traditional Chinese medicine involves numerous international standards and quarantine requirements. We are thankful for the customs authorities' regular briefings on the latest international entry standards. This guidance has helped us mitigate risks associated with heavy metal and pesticide residue issues, thereby reducing potential losses for our company," said Li Li, business director of the pharmaceutical company.
The city of Benxi, located in the mountainous eastern part of Liaoning, has excellent natural conditions for growing medicinal herbs. Several herbs from Benxi are listed as National Geographical Indication Protected Products and are highly favored in international markets.
In recent years, China has been vigorously promoting TCM globally. The practice has become a significant area of cooperation between China and regions around the world such as the Association of Southeast Asian Nations (ASEAN), the European Union, the African Union, the Community of Latin American and Caribbean States, and countries in the Shanghai Cooperation Organization.
As TCM exports rise, the cultivation area and production volume of medicinal herbs are growing, which not only increases local farmers' income but also boosts wider employment.
Currently, Benxi has 300 deep-processing enterprises for TCM, involving 28,000 people in TCM cultivation and processing.
High-quality traditional Chinese medicine exports soar with customs assistance
High-quality traditional Chinese medicine exports soar with customs assistance
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
