East China’s Jiangsu province has made every possible effort to stabilize foreign trade by increasing financial, insurance and fiscal support as the global outbreak of COVID-19 pandemic has wreaked havoc on the world economy.
Shengze Town, a major textile town in China, has suffered from the growing impact of the global pandemic as many textile enterprises in the town have run into trouble since March.
The silk and textile enterprises, however, have started to find their way out.
Xinfeng Weaving Co., Ltd. has promoted intelligent weaving by relying on the vortex spinning machine it introduced at the end of last year. The intelligent workshop automatically monitors the entire spinning process electronically.
Compared with traditional weaving, the number of workers required for intelligent textile is reduced by two-thirds with a 20-fold increase in the speed.
With export in the downturn, Xinfeng Weaving has set its eyes on the mid-to-high-end environmentally friendly fabric market by developing varieties that meet international requirements while actively expanding the domestic market.
Yao Chengqi, General Manager of Wujiang Xinfeng Weaving Co., Ltd.
Faced with the severe challenge, Jiangsu has introduced targeted measures such as supportive policies, tax and fee reductions, and optimizing the business environment to increase financial support and risk guarantee for foreign trade enterprises affected by the epidemic.
Other measures include periodic reduction and exemption of corporate social insurance premiums, preferential tax policies, and reduction of employee medical insurance premium rates.
At the same time, Jiangsu has established a coordination mechanism for the resumption of work and production to assist foreign trade enterprises and commercial and trade companies in recruiting, logistics, and insufficient supply of protective materials.
The customs has implemented rapid inspection and clearance on machinery, equipment, raw materials and components that are urgently needed for the resumption of production while smoothed the certification and clearance on the export of 340 million yuan worth of anti-epidemic materials.
The province has also spared no efforts to expand the advantages of Jiangsu's open economy and promote the resumption of work and production in the entire industrial chain in a bid to stabilize foreign investment and foreign trade.
As of early April, 95% of the foreign-funded enterprises in Jiangsu had resumed work and production. All the foreign trade firms had resumed business.
Zhang Erzhen, Professor of Yangtze River Delta Economic and Social Development Research Center, Nanjing University
(Source:ourjiangsu.com)
