GZ Takes Measures to Develop Foreign Trade Companies

Source: english.gz.gov.cn

Guangzhou will introduce over 20 measures designed to promote foreign trade and provide financial support for major export-oriented enterprises. To-date, the Bureau of Foreign Trade and Economic Cooperation of Guangzhou Municipality has made detailed plans to provide financial support enterprises for processing trade which promotes product sales in the domestic market.

Due to the global financial crisis, increasing labor costs and adjustments to policies concerning processing trade, Taiwan-funded trade companies in Guangzhou witnessed a 30% decline in exports in the first nine months of 2008.

Therefore, the Bureau of Foreign Trade and Economic Cooperation of Guangzhou Municipality submitted the 20 proposals to the municipal government for approval related to the letter of tax payment guarantee for goods covered under the restricted categories, discount interest for domestic loans to upgrade equipment, awards for processing trade companies that establish research and development centers, awards for processing trade companies exporting self-brands, financial support for enterprises to buy technologies and famous brands, financial support for enterprises to build their own import and bonded warehouses and financial support to export credit insurance and investment in processing trade companies.

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Editor: Jessie Hwang