China’s top finance regulator supports recovery of virus-hit domestic logistics system

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Logistics company staff sort packages at a storage center in Qinhuangdao, North China's Hebei Province on November 10, 2021 as huge amounts of goods flood in amid the Double 11 online shopping festival. Photo: VCG

Logistics enterprise team kind offers at a storage middle in Qinhuangdao, North China’s Hebei Province on November 10, 2021 as massive quantities of items flood in amid the Double 11 on the internet buying competition. Photograph: VCG

China’s Banking and Insurance Regulatory Fee (CBIRC) and Ministry of Transport (MOT) on Tuesday vowed to initiate series of policies concentrating on finance and traffic channels to hold the procedure of domestic logistics technique functioning generally throughout the country’s most current omicron outbreak. 

CBIRC explained it will supply loans to transportation provider vendors and little-sized providers. Payment conditions for truck drivers will be extended and the bank loan support for big transportation units or organizations will be processed by way of inexperienced channels, mentioned the commission in an post revealed on its official website.

The commission instructed particular insurance plan products and solutions made for vital team across the logistics program this sort of as truck drivers and supply riders, to assure their safety for the duration of support. CBIRC vowed to strictly avoid embezzlement of cash utilised for supporting logistics recovery.

The MOT advised on Monday that domestic highways carry over 70 percent of nationwide logistics volume, thus the ministry asked highways and rest regions along the routes to continue to be open despite the epidemic  in order to fulfill the primary demands of logistics employees. 

The MOT also vowed to conduct unique quarantine measures to distinct regions to prevent “just one-size-fits-all ” resolution and enrich real time standing checking.

As China’s National Growth and Reform Fee claimed on Monday to company with many departments and authorities to build a unfastened room for logistics recovery, the restoration speed of the country’s virus-afflicted offer and field chain will be accelerated. 

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