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.

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.