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Suzhou takes measures to promote foreign trade

Suzhou Bureau of Commerce | Updated:2023-05-17 17:19


The Suzhou Area of the China (Jiangsu) Pilot Free Trade Zone [Photo/WeChat account: suzhoufabu365]

Suzhou implemented 14 measures to promote the stable growth of foreign trade and optimize the foreign trade environment on May 9.

The measures encourage and support foreign trade companies to participate in 197 domestic and overseas exhibitions such as the Canton Fair, China Import and Export Fair, and Osaka Exhibition.

The government will provide subsidies for booth fees and the return shipping costs of large exhibits for companies participating in overseas exhibitions.

It will also guide foreign trade companies to use digital means and internet tools to carry out precise marketing overseas and explore the application of cross-border live broadcasting, social e-commerce, short videos, and search engines.

Meanwhile, Suzhou will optimize the environment for foreign trade development by helping companies solve practical problems in customs clearance, export credit insurance, export financing, and foreign exchange services.

The government will increase support for credit insurance, expand the coverage and penetration rate of export credit insurance, strengthen the service capabilities of foreign exchange rate risk, and lower the threshold and cost of currency hedging.

In the first quarter of this year, Suzhou's total imports and exports were valued at 541.06 billion yuan ($77.69 billion), a year-on-year decrease of 15.4 percent, of which exports were valued at 334.7 billion yuan, a year-on-year decrease of 10.7 percent.

Foreign capital still has great confidence in Suzhou, with actual foreign investment utilization reaching $4.01 billion in the first quarter, a 15-percent increase year-on-year.