China EximBank steps up efforts to support foreign trade

BEIJING -- The Export-Import Bank of China (China EximBank), a State-owned policy bank, has increased financial support to stabilize and upgrade foreign trade, a key underpinning for the economy.

The bank's outstanding loans to foreign trade stood at 2.55 trillion yuan ($377.67 billion) by the end of April, up 152 billion yuan from the beginning of this year.

The lender has taken measures this year such as increasing credit support, providing differential pricing and scrapping transaction fees, as part of efforts to lower financing costs for foreign trade enterprises.

China's foreign trade took a hit from the COVID-19 resurgences and external complexity, as the latest data showed April's growth slowed.

To help the sector tide over difficulties, China's cabinet released a guideline earlier last week, requiring enhanced services for key foreign trade enterprises and unimpeded logistics for cargo.