Suzhou unveiled the "Suzhou Special Action Plan for Financial Support to Foreign Trade" on May 26.
The plan aims to further expand financing channels for foreign trade enterprises, reduce financing costs, and enhance financial support for foreign trade through seven key methods, including innovative and distinctive products and services for foreign trade enterprises, and strengthening financial service connections.
During the unveiling ceremony, eight financial institutions signed agreements with foreign trade enterprises to provide robust financial support for the development of foreign trade enterprises in Suzhou.
As of the end of April, the balance of domestic and foreign currency deposits in Suzhou had reached 5.17 trillion yuan ($730.7 billion), a year-on-year increase of 16.02 percent. The city's balance of domestic and foreign currency loans amounted to 5.03 trillion, a year-on-year increase of 15.43 percent.
From January to April, Suzhou's foreign exchange receipts and payments and cross-border capital transactions reached $146.71 billion and $57.05 billion, accounting for 48.64 percent and 40.9 percent of the province's total foreign exchange receipts and payments and cross-border capital transactions, respectively.
The city's proactive measures are expected to further boost the resilience and competitiveness of Suzhou's foreign trade sector.