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Zhejiang finance assists textile foreign trade enterprises to tide over difficulties
Release date: [4:23:24]  Read total [71] times

"With the loan from the bank, we were able to get our business back on track." A few days ago, Shaoxing Ai Lun textile Co., LTD. Li Xingfeng recalls the plight of enterprises during the epidemic is still a lingering fear. At that time, the orders exported to Southeast Asian countries could not be delivered on time, and the payment of money was seriously delayed. In addition, the prices of raw materials and transportation rose, and the production cost kept rising.


Upon learning the situation, Agricultural Bank of China's Zhejiang Shaoxing Keqiao Sub-branch immediately provided door-to-door services. With the help of the "double guarantee" emergency financing mechanism and government financing guarantee launched by Zhejiang Banking and Insurance Regulatory Bureau, the enterprise successfully obtained the unsecured, low-cost "emergency double guarantee loan" of $550,000 within a week.


Since this year, affected by the epidemic and the international environment, Zhejiang foreign trade enterprises are facing many challenges. Financial institutions in our province are constantly improving their products and services to help foreign trade enterprises stabilize their orders and production.


In order to relieve the difficulties of enterprises, the key is to provide "real money" and expand the coverage of services. The reporter learned that since the beginning of this year, Agricultural Bank of China Zhejiang Branch has lent more than 60 billion yuan in domestic and foreign currencies to more than 2,000 import and export enterprises in the province, an increase of 10.2 billion yuan year-on-year. Bank of China Zhejiang Branch innovates "foreign trade Tongbao", "taxation Tongbao", "relay Tongbao" and other small and micro foreign trade special products, so far has provided financing support for 2836 enterprises.


Zhejiang financial institutions also extend the service chain to meet the needs of enterprises. Under the epidemic situation, Ningbo Solson E-commerce Co., Ltd. realized the increase of export volume by investing in overseas warehouses, but the capital flow of the company was once tight. After learning the situation, Zhejiang Merchant Bank Ningbo Branch responded quickly and approved the credit line of 100 million yuan for the enterprise and matched the special foreign exchange transaction free guarantee line. In the first Four months of this year, Zheshang Bank has accumulated $18.6 million in financing for its issuance and $76 million in foreign exchange transactions.


Zheshang Bank also provides foreign trade enterprises with a wealth of foreign exchange market views and trading advice. The person in charge of Ningbo Branch of Zhejiang Merchant Bank introduced that according to the exchange rate quotation of 2022, the bank helped Well Seng make foreign exchange derivative trading decisions, successfully avoided the risk of non-US currency fluctuations, and ensured the stability of revenue and profit.


As the main financial service product to build risk barrier, export credit insurance has always been the direction of zhejiang financial institutions. One of haiyan's companies specializes in special steel and shelf products, with annual exports of $120 million, mostly to Russia. Due to the conflict between Russia and Ukraine, the Russian buyer was unable to pay $1.073 million for the part already shipped. After learning of the situation, Sinosure quickly paid 807,000 US dollars, including 227,000 US dollars invested before shipment, making up for the loss of the enterprise in time.


The reporter learned from Zhejiang Banking and Insurance Regulatory Bureau that by the end of April 2022, export credit insurance companies within its jurisdiction provided service support to 18,000 export enterprises in Zhejiang (excluding Ningbo), with a year-on-year growth of 19.5%. In the first four months of this year, export credit insurance products have helped relevant foreign trade enterprises in Our province recover losses of 133 million US dollars, effectively ensuring the normal production and operation of enterprises in our province.


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