BUSINESS China's banks offer 350-bln-yuan credit support for epidemic control

BUSINESS

China's banks offer 350-bln-yuan credit support for epidemic control

Xinhua

18:07, February 12, 2020

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(File photo: social media)

BEIJING, Feb. 12 (Xinhua) -- China's banks had provided over 349 billion yuan (about 50.06 billion U.S. dollars) of credit support as of Tuesday noon  to help companies restore production amid the fight against the novel coronavirus outbreak.

Banks have reduced service fees and lowered the loan interest rate for enterprises bearing the brunt of the outbreak, said the China Banking Association.

Companies in the sectors of wholesale, retail, catering, logistics and tourism, as well as labor-intensive manufacturers that have suffered most from the shock of the epidemic will benefit from the preferential policies, according to the association.

Meanwhile, banking institutions have donated 1.75 billion yuan and epidemic control supplies totaling 7.4 million items.

The association will continue to guide the banks to provide more credit support and better financial services amid the country's epidemic prevention and control efforts.

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