China has temporarily waived off port construction charges levied on importers and exporters to bring down transportation costs and speed up foreign trade which has derailed amidst the COVID-19 pandemic.
The waiver is applicable on all trades from March 1 to June 30, according to China’s Ministry of Finance and Ministry of Transport. Importers and exporters who have already paid the fees for their shipment in this period can seek a refund or deduction.
Enterprises which are required to contribute to ship oil pollution damage fund will also received a 50pc waiver on their payments.
China accounts for more than 25pc of the global manufacturing activities. Global trade and supply chain was adversely impacted by the temporary lockdown in several Chinese cities that brought logistics and shipping activities to a standstill in February and early March. These measures will incentivise companies to resume import and export activities and boost China’s foreign trade.
Almost major industries have resume production outside of China’s Hubei province have resumed work at a rate of more than 90pc, according to Li Hui, of National Development and Reform Commission (NDRC). He added that nearly all major industrial companies in Jiangsu, Shandong and Zhejiang provinces and in the Guangxi Zhuang autonomous region, in the cities of Chongqing and Shanghai have resumed production.