CHINA China's policy bank to issue up to 50 bln yuan loans to Hubei

CHINA

China's policy bank to issue up to 50 bln yuan loans to Hubei

Xinhua

08:59, May 02, 2020

fab004ed53b14129a2ab1dd76c22f2b6.jpg

A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. (Photo: China Daily)

BEIJING, May 2 (Xinhua) -- Agricultural Development Bank of China, one of the country's three policy banks, will issue up to 50 billion yuan (about 7.14 billion U.S. dollars) worth of loans to Hubei Province this year to support its epidemic response and economic recovery.

The bank said it will also provide other preferential loan policies to Hubei, the hardest-hit province, such as lower loan rates and differentiated credit policy.

Hubei's gross domestic product contracted 39.2 percent year on year during the first quarter as the epidemic brought business activity to a standstill and cooped up residents at home.

Weighed down by the epidemic, China's economic growth fell 6.8 percent year on year in the first quarter. 

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue