Chinese Commerce Ministry, Bank to Cooperate on Increasing Foreign Trade During COVID-19 Pandemic

China’s Commerce Ministry and the Industrial and Commercial Bank of China signed a “memorandum of cooperation” in an effort to stabilize foreign trade and investment, the Commerce Ministry said April 13, according to an unofficial translation of a news release. The ministry said it will share more information about “foreign-invested” and “foreign funded enterprises” with the bank, which will allow the bank to increase “credit support” and offer more services to foreign companies during the COVID-19 pandemic, China said. These services include “cross-border supply chain finance, improved “service quality” and starting “green channels.”