Ministry of Commerce Flags Prompt Rescue Policies for Chinese Exporters Hit by Supply Chain Disruptions

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The Chinese Ministry of Commerce (MOFCOM) has signalled that it will intervene with rescue policies to help out any export enterprises that suffer from the severe adverse effects of global supply chain problems in the wake of COVID-19.

“MOFCOM is promptly researching the impacts of the pandemic on Chinese foreign trade and global supply chains, and promptly researching policy measures for any problems or difficulties that could arise for foreign export enterprises,” said MOFCOM spokesperson Shu Jueting (束珏婷) at a press conference held on 2 December.

MOFCOM deputy-minister Ren Hongbin (任鸿斌) said that the authority would work with other departments to promptly unveil a new round of policy measures to stabilise foreign trade, in order to address the real difficulties and needs faced by foreign export enterprises, as well as ensure that foreign trade levels remained with a “rational bound.”

Chinese foreign trade has seen rapid growth in 2021, with net goods and services exports for the first ten month of the year making a 19.5% contribution to GDP growth, driving GDP growth by 1.9 percentage points.