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Shaoxing in East China's Zhejiang province recently announced 31 new measures to attract foreign investment, boost international trade, and promote new forms of trade, local media reported on Feb 26.

The measures are focused on five key areas: encouraging the entry of high-quality foreign investment, strengthening foreign trade, promoting new innovative trade formats, providing support for companies looking to expand internationally, and mitigating the risks associated with foreign economic and trade activities.

As part of the new policies, businesses are being encouraged to participate in a range of international trade exhibitions, with financial assistance provided to those who choose to exhibit overseas.

Companies that are eligible and meet the necessary criteria are being incentivized to establish public overseas warehouses and develop their own cross-border e-commerce platforms with potential rewards of up to 100 million yuan ($15.7 million).

The new measures also aim to reduce the financial risks faced by companies by lowering the rate of export credit insurance premiums. Under these policies, businesses will receive a subsidy of no less than 65 percent of the actual premium paid, with a maximum cap of 5 million yuan per company.

Shaoxing has in recent years enjoyed considerable success in promoting its open economy. It had a total foreign trade volume of 369.19 billion yuan in 2022, a year-on-year growth rate of 23.3 percent.