Hainan issues measures to develop foreign trade

The Hainan Provincial Department of Commerce recently issued 10 measures on promoting the stable and high-quality development of its foreign trade.

These measures focus on many aspects, such as logistics, market expansion, cost reduction, potential tapping, and environmental optimization.

Hainan will reduce the cost of foreign trade logistics and its customs clearance time, while also supporting foreign trade enterprises to participate in international exhibitions at home and abroad. Such exhibitions include the China International Consumer Products Expo, the China Import and Export Fair and the North American Seafood Expo.

The measures also mention that Hainan will accelerate and make full use of innovation platforms such as the Yangpu National Import Trade Promotion Innovation Demonstration Zone and the Haikou and Sanya Cross-border E-commerce Comprehensive Pilot Zone.

The 10 measures are as follows:

Ensure the stability of the supply chain for the foreign trade industry.

Support foreign trade enterprises in expanding their market reach.

Tap into the growth potential of the foreign trade industry.

Support the development of new trade formats.

Improve the level of trade liberalization and facilitation.

Consolidate and improve the role of export credit insurance.

Strengthen financial support for small and medium-sized foreign trade enterprises.

Improve the coping abilities of foreign trade enterprises in regards to exchange rate risks.

Optimize the RMB settlement environment for cross-border trade.

Implement various policies such as tax reductions, fee reductions and loan discounts for foreign trade enterprises.