Strengthening financial support for epidemic prevention and control
On February 1, the People’s Bank of China released a notice on its website to better play the role of finance in supporting epidemic prevention and control and the real economy. On February 1, the People’s Bank of China, the Ministry of Finance, The China Banking Regulatory Commission, the China Securities Regulatory Commission, and the Foreign Exchange Bureau jointly issued the “Notice on Further Strengthening Financial Support to Prevent and Control Pneumonia of New Coronavirus Infection” (hereinafter referred to as the “Notice”). The “Notice” includes five parts and a total of 30 measures.
The Notice requires the financial sector to take a series of measures to further strengthen financial support for epidemic prevention and control, ensure people’s livelihood and support the stable development of the real economy.
It mentioned that the credit support of the regions, industries and enterprises affected by the epidemic, as well as the social and people’s livelihood areas, is not blind to the relevant industries and companies that have development prospects but are currently experiencing difficulties, especially small and micro enterprises. Withdrawing loans, breaking loans, and pressing loans.
For those who have temporarily lost their income source due to the epidemic, financial institutions should give appropriate credit policies, flexibly adjust personal loan repayment arrangements such as housing mortgages and credit cards, and delay the repayment period reasonably. Personal business guarantee loans infected with new pneumonia can be extended for one year and continue to enjoy financial discount interest support.
Pan Gongsheng, deputy governor of the central bank, also said that after the opening of the financial market on February 3, the People’s Bank of China will provide sufficient liquidity, increase the intensity of countercyclical adjustments, maintain reasonable and sufficient liquidity in the financial market, and maintain currency. Market interest rates ran smoothly.