China’s Policymakers have rolled out a raft of measures over the past week to shore up the economy and mitigate the impacts of the COVID-19 Epidemic.

Following are the Latest Policies:

Monetary Policy

China will pursue a prudent monetary policy in a more flexible and appropriate way, according to a government work report submitted to the National Legislature for Deliberation.

China will use a variety of tools including reserve requirement ratio cuts, interest rate reductions and re-lending to enable M2 money supply and aggregate financing to grow at notably higher rates than last year.

China works to develop new monetary policy instruments that can directly stimulate the real economy, it is crucial to take steps to ensure enterprises can secure loans more easily, and promote steady reduction of interest rates.

Trade

China will further bolster Trade & Investments with Countries along the Belt & Road Initiative, among other efforts to facilitate foreign trade against Pandemic Challenges.

China will explore emerging markets while maintaining ties with traditional ones amid virus-hit global demand, increasing trade volume with Countries along the Belt & Road.

China will work with Countries along the Belt & Road Initiative to help tackle difficulties for overseas Companies & Projects, establish more free-trade zones and include more Countries in Investment Cooperation.

Further Opening-up

China will continue to broaden market access and open up its service sector as part of efforts to keep foreign investment stable amid the COVID-19 Epidemic.

China will roll out incentives to attract Foreign Investment into the Country’s Central & Western Regions as well as the Old Industrial bases in the Northeast Regions, which have abundant development potential with the help of government supportive measures.

China will expand the scope of Pilot Free Trade Zones, give them greater autonomy in their reform and further accelerate the construction of a Free Trade Port in South China’s Hainan Province.

Forex Settlement

China eased rules on Foreign Exchange Settlement and Purchases amid efforts to support cross-border e-commerce and other New Trade Industries.

Banks are allowed to offer Foreign Exchange Settlement Services for market entities of cross-border e-commerce and other New Trade Industries upon provision of relevant electronic transaction information, according to a guideline released by the State Administration of Foreign Exchange.