CHINA Shanghai arranges special bonds to push small firms' liquidity up

CHINA

Shanghai arranges special bonds to push small firms' liquidity up

People's Daily app

15:32, March 25, 2020

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(Photo: VCG) 

The Shanghai government prepared a package of special loans worth 30 billion yuan ($4.3 billion) to help small- and medium-scale firms through the aftermath of COVID-19 on Tuesday.

The government has instructed commercial banks including Shanghai Pudong Development Bank and Bank of China's Shanghai Branch to financially support tiny firms against funding risks caused by the outbreak, with extended loans, a local senior official said.

So far, Shanghai has sorted out diverse funding requests of over one thousand firms of the kind and is coordinating all relevant parties to help them reduce costs and improve liquidity.

(Compiled by Bai Yuanqi) 

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