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Ministry to help enterprises cope with US trade friction

The Ministry of Commerce stated clearly that it will take a number of measures to alleviate the impact on enterprises amid the ongoing Sino-US trade friction, The Paper reported.

The major four measures include continuously assessing the impact on various types of enterprises and using the tariff revenues generated from counter-measures to ease the pressure of related enterprises and their employees.

The ministry will also encourage enterprises to adjust the import structure, such as increasing the import of agricultural products and automobiles from other countries and regions, as well as create a better investment environment and legal rights protection.

In Shaoxing city, Zhejiang Province, enterprises affected by the trade friction are mainly in the industries of bearing, mechanical manufacturing and electric products, according to Xiang Pu, Shaoxing Customs Deputy Commissioner.

Appoximately 1.15 billion yuan in export products subjected to the newly imposed tariff by the US government are made in Shaoxing.

A manager in a bearing firm in the city said they hope to reduce the impact of the US actions by expanding their business in the European and Southeast Asian market.

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