In recent discussions regarding international trade, the Ministry of Commerce, along with other relevant departments, has outlined a set of strategic policies aimed at stabilizing and promoting growth in foreign trade. One notable point raised was the necessity of financial support geared towards maintaining external trade stability. Specifically, initiatives to lower the financing costs borne by the real economy have already been implemented, with observable effects starting to come to light. This indicates that while some progress has been made, continued efforts to strengthen financial support for foreign trade development are essential, in order to foster a more favorable environment for international commerce moving forward.

Stable foreign trade is critical for bolstering the recuperation momentum of the overall economy. Recognized as one of the "three engines" driving economic growth—alongside investment and domestic consumption—foreign trade plays a pivotal role in boosting consumer spending, expanding employment opportunities, and ultimately supporting overarching economic development. In recent years, however, global economic trends have shifted dramatically, with rising currents of economic protectionism posing significant challenges for international trade dynamics. China's foreign trade sector has faced considerable pressures during this tumultuous period, yet it has demonstrated remarkable resilience, forging ahead despite obstacles. This year has seen overall trade indicators reflecting both qualitative enhancements and sustained quantitative stability. To ensure this positive trajectory continues, the focus must remain sharp on addressing challenges head-on, deploying cohesive policy measures, and amplifying financial backing in support of foreign trade stability.

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The international trading landscape has grown increasingly complex, introducing a myriad of risks and challenges that accompany cross-border commerce. This evolving scenario places heightened demands on financial services, necessitating a reevaluation of how these services are delivered. Insights gathered during investigations of foreign trade enterprises revealed that many businesses are clamoring for expanded coverage of export credit insurance, particularly small and medium-sized enterprises (SMEs) which express a need for better access to foreign trade financing. Policies designed to support such businesses are urgently needed. Beyond the traditional realms of payment settlements and trade finance, companies that venture abroad to establish factories or manage intricate financial operations require specialized financial solutions tailored to their unique challenges.

During a recent State Council executive meeting, the emphasis was placed on actively fostering an environment conducive to promoting stable growth in foreign trade as a means of providing robust support for a sustained economic recovery. Key initiatives outlined include enhancing financial support mechanisms, expanding the scale and coverage of export credit insurance, and effectively utilizing policy-backed loans targeted at micro and small foreign trade enterprises. Continual improvements in financial services offered to these businesses during credit assessment, loan disbursement, and repayment processes will be crucial. Moreover, optimizing cross-border trade settlement processes and equipping enterprises with tools to better manage currency exchange risks are important future steps.

In the realm of cost reduction, it is essential for foreign trade enterprises to tangibly benefit from lower financing costs. Recent developments indicate that interest rates for one-year loans and those with terms extending beyond five years have decreased by 0.35 percentage points and 0.6 percentage points, respectively. As of September, the weighted average interest rate for newly issued corporate loans stood at approximately 3.5%, reflecting a 0.31 percentage point reduction compared to the previous year and marking a historical low. Moving forward, financial institutions should be further encouraged to amplify their support for foreign trade enterprises' financing, channeling necessary resources particularly towards micro and small enterprises engaged in international markets.

Enhancing service levels is just as vital. Financial institutions must target key sectors, industries, and business types that are critical for promoting stable foreign trade. While ensuring rigorous risk management and authenticity checks of trade backgrounds, banks should continually enhance their financial service offerings in regard to credit provision, loan facilitation, and repayment options. An expansion of coverage and capacity for export credit insurance is also necessary. Simultaneously, it is vital to empower companies to explore diversified market opportunities, encouraging insurance providers to extend greater support to specialized businesses, including "little giants" and "invisible champions" that contribute significantly to the economy.

Additionally, there is an urgent need to guide companies towards developing a currency risk-neutral mindset. Strengthening foreign exchange services tailored to businesses, particularly SMEs, is imperative. This effort should be complemented by continued dialogue aimed at optimizing financial services through collaborative approaches that can effectively reduce the costs associated with currency hedging. Promoting further development within foreign exchange markets and constructing stronger financial infrastructure to support these services will enable enterprises to navigate foreign exchange risks more effectively.