China will set up a special transfer payment mechanism to ensure that the newly increased fiscal funds this year will directly benefit businesses and people, and deploy and support marketable export commodities to expand the domestic market and help foreign trade enterprises overcome difficulties. A host of related arrangements were decided at the State Council’s executive meeting chaired by Premier Li Keqiang on June 9.

The meeting determined that in order to help the development of foreign trade enterprises involving nearly 200 million people in employment, while encouraging enterprises to expand their international markets, they also support marketable export products to develop the domestic market. Simplify domestic sales certification and tax handling procedures. Support e-commerce platforms, large commercial enterprises, etc. to carry out domestic sales of foreign trade products. Encourage financial institutions to increase credit support and pledge financing for accounts receivable, inventory, and orders. Relying on large-scale e-commerce platforms to strengthen direct loan business to small, medium and micro foreign trade enterprises.