CHINA's cabinet, the State Council, has announced that the central government will provide loan guarantees for importers to shore up the trade sector, Reuters reports.
Beijing will also increase the amount of loans it issues from its US$3.69 trillion of foreign exchange reserve, and local companies will have more opportunities to raise renminbi funds abroad.
China's trade sector has missed state targets on the value of Chinese imports and exports by six per cent in 2015 with trade value falling nearly seven per cent in the first half.
To stoke activity, Beijing said it will increase the disbursements of subsidised loans for importers, and accelerate customs clearance.
More advanced technology equipment and components will also be imported to boost China's domestic demand and help its companies move up the production value chain, said the state website.
The State Council also said the yuan will be kept at a stable and reasonable level to minimise the foreign exchange risks faced by companies.
But in fact, the yuan has hit record highs this year - as it tracks a strong US dollar - against a basket of foreign currencies with which it is supposed to be tied.
More credit guarantees would be given to exporters so they can secure loans, and banks would be encouraged to provide support to exporters when they are claiming their tax rebates.
WORLD SHIPPING
17 July 2015 - 20:37
China's State Council pledges loans, loan guarantees to bolster imports
CHINA's cabinet, the State Council, has announced that the central government will provide loan guarantees for importers to shore up the trade sector, Reuters reports.
WORLD SHIPPING
17 July 2015 - 20:37
China's State Council pledges loans, loan guarantees to bolster imports
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