Local banks and financial companies across China have been using innovative funding services and tailored measures to help foreign trade enterprises stabilize their foreign trade, tackling difficulties from external impacts.
In the first four months of this year, China's total goods imports and exports in yuan-denominated terms expanded 2.4 percent to 14.14 trillion yuan (around 1.9 trillion U.S. dollars), official data showed.
In Pingxiang City, south China's Guangxi Zhuang Autonomous Region, a local bank and a government financing guarantee institution have been cooperating to issue low-interest-rate "border trade loans," or innovative special loans of up to 10 million yuan (around 1.39 million U.S. dollars) for enterprises and individuals engaging in border trade.
"I received the loan the day after I signed the agreement with the bank," said Shen Wuyang, deputy general manager of a local food company, which was able to continue its latest round of research and development with his loan of three million yuan.
"We listed more than 70 companies (with such funding needs), and have issued over 40 million yuan of loans to six of them," said Zhang Qing, head of the Guangxi branch of the Agricultural Bank of China.
Most of China's cross-border e-commerce entities operate in Shenzhen in southern Guangdong Province, where many could not or dared not take orders due to uncertainties in foreign trade. To deal with this situation, the Shenzhen Financial Regulatory Bureau announced on April 22 that six Shenzhen-based property insurers jointly issued China's first cross-border e-commerce credit guarantee insurance, which provides credit guarantees for domestic purchases by cross-border e-commerce platforms.
Local Chinese banks offer innovative services to help stabilize foreign trade
