The Haimen Dearshiqiao International Home Textiles Industrial Zone introduces a new export model integrating cross-border e-commerce and market procurement trade. [Photo/ntfabu.com]

Haimen district in Nantong recently introduced a series of policies to ensure stable growth and promote the transformation and upgrading of local foreign trade companies, according to officials from the district's commerce bureau.

The policies apply to companies that have registered, reported their export performance, and paid taxes in the district, as well as those that have built national, provincial and municipal-level export centers, cross-border e-commerce platforms, comprehensive foreign trade service platforms, and other public service platforms in Haimen, excluding entities engaged in market procurement trade.

The policies provide support to companies in seven areas – resuming operations and reaching full production capacity, exploring overseas markets, buying export credit insurance, acquiring import and export certificates, expanding import and export of technology, developing cross-border e-commerce, and increasing import and export volume.

A fast processing system has been established to ensure stable access to essential supplies for foreign trade companies. Force majeure certificates are also offered free of charge to those who failed to follow through on their international trade contracts due to the COVID-19 pandemic.

The government also offers subsidies to companies that attend overseas economic fairs and exhibitions, and for those unable to keep their promises due to the epidemic, subsidies of up to 50 percent of actual losses will be offered.

Companies will also receive financial support from the government in buying export credit insurance, importing technology and products that are included in the national catalogue of encouraged import technologies and products, and exporting products that are included in the national catalogue of high-tech export products.

Subsidies ranging from 20,000 yuan ($2,898) to 2 million yuan will be granted to cross-border e-commerce businesses based on export volume, number of active stores on online platforms, and to those that set up overseas warehouse.