China enhances support to Japanese, ROK firms amid epidemic

China will take targeted measures to address difficulties faced by enterprises invested by Japan and the Republic of Korea (ROK) to help them resume businesses, a commerce official said Thursday.

The Tokyo Tower is lit in red to support the battle against the novel coronavirus in China, in Tokyo, Japan, Feb. 18, 2020. [Photo/Xinhua]

China, Japan and ROK are complementary in trade and have a deeply integrated industrial chains as each other's important trade partners, but the outbreak of the novel coronavirus epidemic has cast a shadow on regional trade and rippled around the world, especially on trade of intermediate goods, Li Xingqian, director of the Department of Foreign Trade of the Ministry of Commerce, told an online press conference.

Transnational companies have born the brunt of the epidemic fallout, and international logistics and travel channels are also blocked, he added.

However, "the impact is just temporary and overall controllable," Li said.

The ministry will step up credit supply to meet foreign trade firms' financing demand and secure the capital chain to smooth the industrial and supply chains, according to Li.

The coverage of export credit insurances will be expanded and the premium will be lowered, he said, adding the policy of export tax rebate will be improved to ease the burdens on enterprises.

To further facilitate trade cooperation, Li called on other countries to lift unnecessary trade bans in a bid to better the global trade environment and advance the healthy development of international industrial chains.

The ministry will continue to push for the signing and effective implementation of the Regional Comprehensive Economic Partnership (RCEP) and fast-track the negotiation of the China-Japan-ROK free trade area, hoping to help enterprises counter the epidemic impact by chipping away at trade barriers, Li said.