Foreign trade companies in Taicang, Jiangsu province are working with local governments to overcome the economic slowdown caused by the COVID-19 outbreak, local media reported on April 26.

Statistics from the municipal commerce bureau show that in January and February, Taicang's exports were valued at $774 million, down 19 percent year on year. The bureau said actions have been taken to minimize the economic impact.

Fifteen policies directed at supporting foreign trade enterprises and 12 policies directed at supporting SMEs were implemented to help resolve issues related to finance, production, logistics, and market expansion. The tax bureau also extended the deadline for consolidated tax collection and adjusted levy dates for overdue payments and delinquency interest.

In addition, more than 100 enterprises affected by the epidemic that are as a result unable to act in a timely manner or fulfill their international trade contracts were issued force majeure certificates and shielded from legal damages arising as a result of the novel coronavirus outbreak.

Krones Taicang Inc suffered from a shortage of international cargo airlines and waterlines but managed to stave off a crisis with the help of local authorities. The company made use of temporary green channels to find new domestic partners and boosted its sales with the help of e-commerce websites.