China extends fee cuts, exemptions for foreign trade firms

Chinese authorities have announced the extension of fee cuts and exemptions for import and export enterprises to stabilize the foreign trade sector amid the COVID-19 epidemic.

The preferential policies, including waiving port construction fees levied on importers and exporters and halving oil-pollution damage compensation for ships, will be extended to Dec. 31, 2020, according to a circular jointly issued Wednesday by the Ministry of Finance and the Ministry of Transport.

The move aims to help enterprises tide over difficulties and advance the development of foreign trade during the epidemic-containment period, the circular said.

An earlier State Council executive meeting stressed that fee cuts should be further implemented to ensure employment, meet basic living needs, and protect market entities.