China vows to support foreign trade firms as virus hits global economy

China pledged continued support to aid its foreign trade firms and minimize the impacts of COVID-19 on the sector as the virus hit the global economy and international trade, the Ministry of Commerce (MOC) said Thursday.

The country's imports and exports improved in March, and work and production resumption of foreign trade firms has also been advancing in an orderly manner, said MOC spokesperson Gao Feng at an online press conference, noting that more than 76 percent of key firms in the sector recovered over 70 percent of their production capacity so far.

However, part of China's foreign trade enterprises, especially those in the textile industry, had to postpone or cancel orders as the virus spread around the world and weighed on the global economy and international trade, Gao noted.

Gao highlighted collaboration among governments, companies and business organizations to cope with the lack of production materials faced by foreign trade firms due to disrupted global industrial and supply chains.

China will strengthen macro-economic policy coordination with relevant countries and regions to facilitate customs clearance and logistics of important raw materials while encouraging foreign trade firms to avert risks by exploring new business opportunities and increasing spending on innovation.

Gao also said that the MOC will join hands with other related parties to ensure an open, stable and safe global supply chain.