Ministry, bank sign MoU to stabilize foreign trade

China's Ministry of Commerce (MOC) has inked a memorandum of understanding (MoU) with China Construction Bank (CCB) to jointly take measures to help firms overcome coronavirus-induced challenges and stabilize the country's foreign trade.

The ministry will strengthen information sharing with the CCB, one of the country's largest state-owned commercial banks, and support its use of fin-tech means to provide better financial services for enterprises, according to an online announcement on the MOC's website.

The bank will step up credit support, expand policy financing, and offer services like cross-border matchmaking and digital exhibitions to foreign trade and foreign-invested enterprises.

Both parties will work together to keep the country's foreign trade and investment steady, as part of efforts to secure epidemic control as well as economic and social development, the announcement said.