China’s Foreign Trade Support Measures

China has unveiled a policy measures to promote the steady growth of foreign trade and consolidate economic recovery, according to a notice released by the Ministry of Commerce on Thursday. Insurance companies are encouraged to increase underwriting support for “little giant” and “hidden champion” firms in their efforts to expand to diversified markets.

“Little giants” refer to the novel elites of China’s small and medium-sized enterprises (SMEs) that are engaged in manufacturing, specializing in a niche market and boasting cutting-edge technologies. “Hidden champions” refer to highly successful yet lesser-known SMEs that are global leaders in terms of market share in their respective niches.

Banking institutions should continuously optimize financial services for foreign trade enterprises in areas such as credit approval, loan disbursement, and repayment while ensuring rigorous verification of trade authenticity and effective risk management.