China Funds Overseas Trips to ‘Grab New Orders’
As local governments in China scramble to hit growth and employment targets, authorities are introducing financial subsidies for foreign trade companies to go overseas to “grab new orders, expand the market.” That slogan was shouted by a 200-strong delegation from Jiangsu, a major manufacturing province, in December as it boarded a private jet to Europe. Since the beginning of 2023, “enterprises across the province have been in a rush to go overseas to grab orders.” Local governments across China are backing similar efforts. The Shaanxi provincial government has announced that it will subsidize booth fees and transportation costs for international trade exhibitions. Shaanxi authorities are offering subsidies of up to 1 million yuan (about $150,000) to companies that exported more than $65 million in 2022. Shanghai’s Huangpu district is offering subsidies of up to 50 per cent of booth fees to eligible companies participating in exhibitions overseas. Huzhou, a major silk-producing centre, plans to send more than a hundred delegations overseas this year, reports The Epoch Times.