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Action taken to ensure foreign trade growth

By LIU ZHIHUA in Beijing and HU MEIDONG in Fuzhou | CHINA DAILY | Updated: 2022-03-08 07:12
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A worker operates an assembly line at a factory in Huzhou, Zhejiang, producing automated equipment. [Photo by Tan Yunfeng/For China Daily]

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Li, from Hanwei Electronics, said the company has enjoyed easier access to financing instruments and bank loans, and is also improving corporate governance to better adjust to new situations.

"We have attached great importance to online marketing and cross-border e-commerce, and believe such internet-based practices will continue to form an important trend in foreign trade, even after the pandemic," Li said.

Yin said Hubei Kingshan Lighting Electrico's overall transactions have risen by 20 percent to 30 percent thanks to increased income from online channels. Profits generated by related products have also grown by 20 percent.

He said the increased transactions for related products have helped the company negotiate with suppliers to reduce purchasing and transportation costs.

However, Yin and Li said rises in the renminbi exchange rate are a significant negative factor disrupting their companies' profits. They hope more external support will be provided so they can better cope with the situation.

Experts and business executives also stressed the positive role of the Regional Comprehensive Economic Partnership in shoring up China's foreign trade growth. The RCEP was signed by 15 Asia-Pacific economies, including the 10 member states of the Association of Southeast Asian Nations, China, Japan and New Zealand, in November 2020, and took effect on Jan 1.

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