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.