Ministry, ICBC to support virus-hit foreign trade, foreign-invested firms

China's Ministry of Commerce (MOC) has inked a memorandum of understanding with the country's biggest commercial lender, the Industrial and Commercial Bank of China (ICBC), to help foreign trade and foreign-invested firms counter the impact of the novel coronavirus epidemic.

The bank will step up credit support and offer its one-stop cross-border services integrating clearing, trading and financing functions to help firms stabilize their operation while improving efficiency, according to an online announcement on the MOC's website.

Both parties will work together to keep the country's foreign trade and investment steady in a bid to secure victory in epidemic control as well as economic and social development, the announcement said.