business

China’s Guangxi offers financial support for foreign trade companies

NANNING, Oct. 29 (Xinhua) — A total of 3,290 foreign trade enterprises have enjoyed financial support to resume work and production by the end of September in south China’s Guangxi Zhuang Autonomous Region, the People’s Bank of China’s branch in Nanning, the regional capital, said Thursday.

The companies were granted a total credit amount of 286.7 billion yuan (about 42.7 billion U.S. dollars) and over 97.4 billion yuan of loans to alleviate their surging financial pressure as orders have been shrinking since the COVID-19 outbreak.

Incomplete statistics show that from January to September, financial institutions in Guangxi have deducted and exempted interest and various expenses of about 91 million yuan for foreign trade companies and helped 2,806 companies save costs of 149 million yuan by offering concessional exchange rates.

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