BUSINESS China's financial institutions issue over 110 bln yuan of preferential loans

BUSINESS

China's financial institutions issue over 110 bln yuan of preferential loans

Xinhua

09:25, March 18, 2020

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File photo

China's financial institutions have issued 111.4 billion yuan (about 15.9 billion U.S. dollars) of low-cost loans by Sunday to help businesses get back on track amid the coronavirus epidemic, the central bank said Tuesday.

Businesses are making headway in resuming their production now as the 500-billion-yuan re-lending and re-discount quota provided by the People's Bank of China (PBOC) has been precisely channeled to the virus-hit sectors, according to a PBOC teleconference on Tuesday.

To further address difficulties in work resumption, the PBOC will give priority to small and micro firms that have less resistance against the epidemic fallout, it said.

It will support husbandry and key sectors associated with spring farming preparation, foreign trade related to the international supply chain as well as industries hit hardest by the epidemic, such as tourism, entertainment, catering and transport, according to the PBOC.

The central bank has also urged its branches to strengthen supervision on funds and promote the integration of market-oriented financing means with re-lending and re-discount policies in supporting the real economy.

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