China Reducing Transportation Costs for Traders
China is lowering transportation costs for importers and exporters in an effort to urge companies to resume production, according to a March 19 government notice and a March 16 report from Xinhua, China’s state-run news agency. China said it will waive “port construction fees” levied on traders from March 1 through June 30 and will offer refunds to companies that have already paid fees. In addition, certain companies will “see their oil pollution damage compensation halved” during that period.
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China also said more than 90% of its “major industrial enterprises” -- excluding certain areas substantially impacted by the novel coronavirus -- have resumed production, according to a March 17 Xinhua report. China said nearly all companies in its Zhejiang, Jiangsu, Shanghai, Shandong, Guangxi and Chongqing regions have resumed work.