China adopts targeted measures to bolster foreign trade growth(2)

Photo taken on May 1, 2022 shows a container vessel docking at the Qianwan Container Terminal in Qingdao, east China's Shandong Province. (Xinhua/Li Ziheng)

Since the end of last year, China has cut the one-year and over-five-year loan prime rate, the market-based benchmark lending rate, by 15 basis points and 20 basis points, respectively, which contributed to a reduction in financing costs, Zhou noted.

China has also beefed up export credit insurance services for foreign trade firms to help them better forestall risks, said Li Xingqian, an official with the commerce ministry.

By the end of May, China Export and Credit Insurance Corporation (Sinosure), the country's only policy-oriented insurer specializing in export credit insurance, has provided insurance services for some 149,000 foreign trade firms, 7.5 percent more than the number in the same period last year, Li added.

In the next step, the commerce ministry will work with other departments to further strengthen export credit insurance services for foreign trade companies, especially for the medium and small firms, Li said.

To help foreign trade enterprises secure their orders, China will hold online fairs and support the development of new trade models, including cross-border e-commerce, Wang noted.