The executive meeting of the State Council issued a package of measures to stabilize foreign trade
Xinhua News Agency reported on December 23, The recently held executive meeting of the State Council (hereinafter referred to as the "national standing committee") ）He pointed out that China's import and export grew rapidly this year, making an important contribution to stabilizing economic growth. However, at present, foreign trade is facing uncertainty, instability and unbalanced factors. We should implement the deployment of the CPC Central Committee and the State Council, further expand opening-up in accordance with the requirements of the central economic work conference, launch response measures to difficulties and challenges, make cross cycle adjustment, increase relief and assistance to market players, especially small, medium and micro enterprises, strive to maintain orders and stabilize expectations, and promote the steady development of foreign trade.
"Stabilizing foreign trade is not necessarily fully reflected in the current trade volume."
At present, the Christmas season sales window will pass, the international market demand will shrink, and the business pressure of foreign trade enterprises will increase. For the above policy deployment to promote the stable development of foreign trade, foreign trade enterprises feel "very friendly" one after another, which is conducive to stimulating the vitality of enterprises. At the same time, they expect more policies to focus on small and medium-sized enterprises.
Improve the ability to deal with exchange rate risks
Avoid erosion of profits of foreign trade enterprises
For promoting the stable development of foreign trade, the primary measure proposed by the national standing committee is to "strengthen policy support for import and export". Specifically, "keep the RMB exchange rate basically stable, encourage banks to carry out targeted long-term foreign exchange settlement and sales business, and improve the ability of foreign trade enterprises to deal with exchange rate risks".
Since this year, although the RMB exchange rate against the US dollar has maintained two-way fluctuations, it has generally shown a certain appreciation. According to wind data, as of 19:00 on December 23, the onshore RMB exchange rate against the US dollar rose by 2.6% and the offshore RMB exchange rate against the US dollar rose by 1.99%. For foreign trade enterprises, it is very important to establish the concept of exchange rate risk neutrality and improve their ability to deal with exchange rate risk.
Last year, the foreign sales (foreign trade business) income of a listed manufacturing company in Zhejiang province accounted for about 35% of the main business income. With regard to the impact of exchange rate fluctuations on the company's operation, the staff of the company said: "The company pays attention to risk control and will not use exchange rate fluctuations for arbitrage. On the one hand, it will reduce the risk of exchange rate fluctuations through natural hedging; on the other hand, it will actively carry out forward foreign exchange locking business."
On December 13, the State Administration of foreign exchange held a party group (enlarged) meeting, which made it clear that next year we should focus on "guiding market players to establish the concept of 'exchange rate risk neutrality' and promoting enterprises to make more extensive use of exchange rate hedging tools".
In response to investors' questions on the interactive platform of the exchange, a listed company in Shanghai's special equipment manufacturing industry said: "in order to avoid the impact of exchange rate fluctuations and lock in the cost of foreign exchange settlement and profits of export products, the company and its subsidiaries plan to carry out long-term foreign exchange settlement and sales in 2022, with a cumulative total amount of no more than US $93 million."
Bai Ming believes that "encouraging banks to carry out targeted forward foreign exchange settlement and sales business" can help enterprises reduce the risk of exchange rate fluctuations in exchange for peace of mind. At the same time, banks will also have more business and profit space.
"Relevant exchange rate hedging support policies are 'very friendly' to small and medium-sized foreign trade enterprises. Before Christmas, it is a foreign" rigid demand procurement season ", and most foreign trade enterprises can deal with exchange rate changes through short-term price adjustment during this period. However, after Christmas, foreign procurement will no longer "wild consumption", and its price sensitivity will increase. If foreign trade enterprises raise product prices in response to the decline of the US dollar, it may cause the cooling effect of foreign procurement. Therefore, if the policy can give more sufficient support and guidance to foreign trade enterprises, enterprises will not form self fluctuations in prices, which is also conducive to maintaining the supply balance of old customers.
Promote the development of "three same" products
Conducive to the "two-way identification" of the enterprise market
In addition to strengthening policy support for import and export, in terms of strengthening supporting services for enterprises, the national Standing Committee stressed that "promote and solve the problems encountered by enterprises in developing domestic and foreign trade products of the same line, the same standard and the same quality, expanding trade channels and improving the supply chain" and "in 2022, the domestic sales of processing trade enterprises will be temporarily exempted from tax deferred interest".
Bai Ming believes that promoting the development of the same line, same standard and same quality products in domestic and foreign trade does not simply achieve "three sames", but also needs to be combined with the characteristics of different markets. For example, the size of clothes sold abroad is larger than that in China, so they can not be sold domestically according to the requirements of foreign clothing version. However, the quality of domestic and foreign goods should be high, and the same ruler should be used. In addition, foreign trade enterprises still have "difficulties" in the process of transferring exports to domestic sales. For example, they are not familiar with the sales channels of the domestic market, and the recognition of goods in the domestic market is insufficient, which requires more running in at both ends of purchase and sales, and the policy should also create more opportunities for foreign trade enterprises to strive to realize the "two-way recognition" between foreign trade enterprises and the domestic market.
When talking about expanding trade channels, a listed wholesale and retail company in Jiangsu Province said that the company actively relied on the preferential policies to encourage export to domestic sales, selected marketable product categories, gave full play to the advantages of supply chain operation, and actively expanded domestic trade business in the cooperation between the East and the West and the development of the central and western regions; Grasp the upgrading of domestic consumption and serve the needs of the domestic market.
In addition, the "temporary exemption of deferred tax interest on domestic sales of processing trade enterprises" is not the first time in terms of policy. In order to stabilize the development of processing trade and reduce the burden on enterprises, the Ministry of Finance issued the notice on temporarily exempting the interest on tax deferment of domestic sales tax of processing trade enterprises on April 10, 2020, which said that the interest on tax deferment of domestic sales tax of processing trade enterprises will be temporarily exempted from April 15, 2020 to December 31, 2020.
Foreign trade and shipping enterprises
Increase the proportion of signing long-term agreements
For foreign trade enterprises, the rise of shipping costs is one of the biggest cost disturbance factors this year. This regular meeting made it clear to ease the pressure of international logistics. Encourage foreign trade enterprises and shipping enterprises to sign long-term agreements. Crack down on illegal charges and bid up freight rates according to law and regulations. Support financial institutions to provide logistics inclusive financial support to qualified small and micro foreign trade enterprises.
"In fact, many large foreign trade enterprises have signed long-term agreements with shipping enterprises. Therefore, the policies emphasized at this national regular meeting are of more practical significance to small and medium-sized enterprises, which is conducive to improving the ability of small and medium-sized foreign trade enterprises to lock positions, and shipping enterprises also have more stable customers as the basic guarantee." Bai Ming said.
The above people close to the regulators expect that in the future, the scale and price of goods involved in long-term orders will increase, while the scale and transaction price of shipping spot market will decrease.
Xu Zhuwei paid more attention to the inclusive financial support policy, "giving loan discount to small and micro foreign trade enterprises in logistics will reduce the capital pressure of foreign trade enterprises to a certain extent, so as to shorten the advance time of supply chain enterprises".
Liu Xiangdong believes that at present, China's foreign trade has made great contributions to economic growth and is also an important part of stabilizing market players and employment resilience. Under the background of downward pressure on China's economy, it is necessary to strengthen policy support to promote the stable development of foreign trade enterprises, which has an effect on the pressure of RMB exchange rate appreciation and logistics obstruction, Give full play to the stable role of relevant departments and financial institutions in the industrial chain and supply chain, and effectively ensure the high-quality development of foreign trade; At the same time, promoting export products to expand trade channels will help enterprises increase market orders and reduce the possible contraction of foreign trade demand caused by supply substitution in Southeast Asia.
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