China to help with credit support for virus-hit companies

A medical staffer works at the department of infectious diseases in Wuhan Union Hospital. Picture: AFP/ XINHUA XIAO YIJIU

The banking and insurance regulator in Guangdong, China's export hub, has pledged to provide support for firms in retail, wholesale, catering, logistics, transportation and tourism sectors that have been hit by the outbreak. The regulator also pledged to provide more credit lines and simplify the credit approval process for such firms.

The China Banking and Insurance Regulatory Commission has urged banks not to cut off lending to firms facing difficulties and encouraged banks to reduce loan interest rates for firms hit by the outbreak.

Source: News Formal (newsformal.com)

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