China’s Latest Measures to Support Businesses in the Wake of the Outbreak
Chinese companies can start submitting applications seeking exemptions on tariffs for importing nearly 700 kinds of US products from March 2
Chinese companies can start submitting applications seeking exemptions on tariffs for importing nearly 700 kinds of US products from March 2, 2020. Companies can seek tariff exemptions on import of products such as pork, soybean, beef and crude oil from the US, as confirmed by latest statements from the Finance Ministry.
Meanwhile, Chinese state assets regulator SASAC’s vice chairman, Ren Hongbin, has commented that the coronavirus outbreak’s impact on the country’s economy will be more pronounced during the month of February. Consumer-facing companies as well as businesses at the end of industrial chains are expected to be among the hardest hit as a result of the virus.
Analysts expecting contraction in China’s economic growth for Q1 2020 by as much as 2.5% QoQ. To protect SMEs, SASAC is expected to encourage state owned companies to extend or revise contracts with such businesses which are experiencing challenges in delivering goods and services and on making payments as a result of the coronavirus outbreak.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals