The Export-Import Bank of China (China EximBank) has recently unveiled a plan outlining 16 specific measures aimed at strengthening financial support for private enterprises involved in foreign trade, the Belt and Road Initiative, and the development of new quality productive forces.
According to the newly released "Special Plan for Cultivating Private Enterprises in International Trade and Economic Cooperation and New competitive Advantages", the policy bank will focus on addressing the financing needs of private enterprises across various foreign trade scenarios and throughout the entire supply chain.
The bank will prioritize the support of new foreign trade models, such as cross-border e-commerce, overseas warehouses, and integrated foreign trade service platforms, helping private enterprises expand their trade in intermediate goods.
Additionally, the bank will encourage private enterprises to expand cross-border industrial chains in an orderly and rational manner, participate in the construction of overseas trade and economic cooperation parks. It will also support "Little Giants" (small but highly specialized private firms) and specialized manufacturers in exploring international markets.
Moreover, the banks will help them foster deeper global cooperation in manufacturing, technological research and development, and other key areas, enabling private enterprises to access new quality productive forces.
China Exim Bank intensifies support for private enterprises in international trade
China's traditional dragon boats are driving the economic growth of Jiujiang Town of Foshan City in the southern province of Guangdong.
Known as "the town of dragon boats" and "the place with the fastest dragon boat rowing," Jiujiang is attracting a growing number of clients and tourists with its exquisite craftsmanship of boat making and thrilling racing events.
In many dragon boat factories in the town, workers are racing against time to keep up with the rising orders from home and abroad ahead of the Dragon Boat Festival which falls on June 19 this year.
"Our annual production capacity now is up to 1,000 dragon boats. Right now, we are working overtime every day to make the boats. We have orders not only from neighboring cities but also from Southeast Asia and Europe. At the same time, we have another 500 or 600 carbon fiber paddles to deliver simultaneously. Our races and training services have been scheduled into July," said Wu Pengjian, president of a local sports equipment company.
The boats manufactured in Wu's company are specifically designed for professional 22-person races, measuring 18.4 meters long and weighing 280 kilograms.
Beyond boat making, the company also provides one-stop services ranging from equipment rentals to event operations for dragon boat races.
Wu said the dragon boat events arranged throughout the year have already boosted the local culture-tourism industry.
The massive influx of visitors brought by dragon boat races has significantly promoted local catering and accommodation businesses.
"Whenever there's a dragon boat race, many people would come to have coffee and enjoy the scenic views. Then our coffee sales will easily double those in normal times," said Lai Zicong, a local cafe owner.
Nestled next to an ecological reserve home to egrets in Jiujiang, Wu Kaining runs a distinctive homestay. She said whenever a dragon boat race is held, she will receive a flood of booking calls two weeks in advance.
"Our rooms are very popular among tourists from Hong Kong and Macao. Plus I myself am a returnee to start business in Jiujiang from Macao, I know quite well that such unique waterside environment and ecological vitality here are exactly what they prefer. Many clients have already reached out to us in advance to book rooms for the Dragon Boat Festival and the summer vacation," Wu said.
Dragon boats boost Foshan town's economy
