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China’s Measures to Reduce Pressure on International Trade

Shanghai has been visiting multinational companies as trade conditions in China are increasingly improving. As a fresh action to alleviate pressure on international trade, China has decided to start with more efficient port operations and hold further online trade exhibitions, said Commerce Vice-Minister Wang Shouwen in a recent press conference.

The country has projected measures to enhance trade, which involve banks’ aid on currency-related issues, transportation costs, as well as export tax refund.

China’s transport minister will boost port operations along with more online trade exhibitions to secure firms’ orders, said Wang.

To ease up corporate financing issue, reductions in prime interest rates will carry on this year, said Zhou Yu, an official at the People's Bank of China, at the conference. He also said the corporate lending rate from January to April 2022 reached a new low of 4.39%, which is 0.22% less than 2021’s whole year amount.

Goldman Sachs economists, in the meantime, said cutting down tariffs on Chinese merchandise might lower the US inflation and “push the yuan up 1.2 percent against the dollar”, if the Us administration goes for levies removal on all consumer goods.

 Shanghai officials are, meanwhile, looking for restoring multinationals’ confidence, which was strained due to the Covid-19 restrictions, through holding 20 meetings with international companies and easing border restrictions. So far two meetings have been held, executives from US blue chips such as Procter & Gamble and Johnson & Johnson have participated in the first. The second meeting was held by presence of General Motors, Tesla and Ford automakers.

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By Saha on June 14, 2022

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