The Hunan Department of Commerce recently released a set of measures to stabilize foreign trade and investment. The measures would take effect since January 1, 2023, and be effective for a period of three years.

 

The measures cover ten aspects. Some measures, concerning establishing the Fund of Funds (FOFs) for provincial investment attraction and the funds for key industrial investment attraction, supporting foreign enterprises to participate in overseas exhibitions, and guaranteeing foreign trade personnel to participate in overseas and outbound exhibitions and business negotiations, are highlighted.

 

In terms of stabilizing foreign trade, Hunan will:

 

- strengthen financial support for foreign trade and guide financing institutions to steadily expand credit loans issued to foreign trade enterprises;

 

- accelerate fostering new business pattern of foreign trade, increase export via market procurement trade and export of second-hand vehicles and used construction machinery, and improve cross-border e-commercial chain;

 

- support foreign trade enterprises to enhance their market expansion capacity and participate in outbound exhibitions via online, offline, or agent mode, and support resumption of international air routes for freight and passenger transport;

 

- assist foreign trade enterprises to intensify risk prevention capacity, and encourage banks to provide comprehensive financial services including RMB-based trade financing and settlement for foreign enterprises;

 

- optimize import and export structure, and stimulate import of key technologies and parts and export of electromechanical and hi-tech products as well as the innovative and green products with high added value;

 

- support integrated development of domestic and foreign trade; and,

 

- stabilize processing trade development.

 

As for stabilizing foreign investment, Hunan will:

 

- innovate investment attraction modes, establish the Fund of Funds (FOFs) for provincial investment attraction and the funds for key industrial investment attraction, hold investment promotion events for key industrial chains, and regularly organize transnational corporations to visit Hunan;

 

- optimize foreign investment structure, improve foreign investment quality, encourage foreign investors to invest in advanced manufacturing, new energy, and innovation and demonstration application of key green and low-carbon technologies, guide foreign investors to participate in Hunan's carbon peaking plan, and support eligible foreign investors to be listed; and,

 

- perfect the follow-up service mechanism for key foreign investment projects, and strengthen policy support and service guarantee in the aspects of land use, energy consumption, environmental protection, financing, personnel exit and entry, and personal remuneration foreign exchange settlement.