Full steam ahead for trade in Hainan

All major foreign trade companies in Hainan province have resumed production thanks to strong support from the local government. All are running full steam ahead with overseas orders, according to provincial commerce authorities.

Twenty key foreign trade enterprises and 16 aquatic product processing and export companies on the island have all resumed production. The import-export volume of these enterprises accounts for about 90 percent of Hainan's total foreign trade volume, the provincial department of commerce said.

Before Spring Festival, Hainan companies had signed orders from overseas customers for 150 containers of aquatic products, with a total volume of 3,500 metric tons and a net value of 150 million yuan ($22 million). Because of the nationwide coronavirus outbreak, only 200 workers at two companies had resumed production by Feb 20, and most companies faced the risk of huge defaults as goods that had been ordered were supposed to be delivered by end of the month, said Lu Min, an official with the department.

As of Monday, however, all major foreign trade companies had restarted production at full scale in Hainan, Lu said.

The provincial government will continue to provide assistance to foreign trade enterprises to hedge the adverse effects of the epidemic with favorable policies and aim to meet the established targets for trade growth this year, Lu said.

The authorities have adopted a series of measures to support local companies in restarting production, especially those producing materials that help fight the epidemic.

A comprehensive epidemic prevention and control insurance policy has been launched for enterprises returning to work. It includes guarantees for product losses and personnel isolation, with maximum compensation of 2 million yuan ($287,145).