Many banks have set up special financing related to “anti-epidemic situation and stable growth” in Hubei. Among them, the total amount provided by the five state-owned large banks amounted to 455 billion yuan.

Policy headlines

Foreign exchange bureau: banks can first conduct special export receipts for anti-epidemic materials for enterprises Remittance business

Policy answers show that during the epidemic prevention and control period, the special export foreign exchange collection business of epidemic prevention materials can refer to the “Notice of the State Administration of Foreign Exchange on Establishing Green Channels for Foreign Exchange Policy to Support the Prevention and Control of Pneumonia Epidemic Infection by New Coronavirus Infections” ( Hui Zongfa [2020] No. 2) Article 6: “Other special foreign exchange business related to epidemic prevention and control may be handled by the bank first and reported to the local foreign exchange bureau”. On the premise of ensuring the authenticity and legitimacy of the transaction, the bank may act as an enterprise first, and at the same time mark the postscript of the foreign-related payment declaration transaction (marked “epidemic prevention and control”) and report to the foreign exchange bureau. (China Securities Net)

The five major banks in Hubei’s resumption of production support path 455 billion special financing amount reinvested in infrastructure

It is reported that many banks and Hubei have set up special financing related to “anti-epidemic situation and stable growth”, of which the total amount provided by the five state-owned large banks amounts to 455 billion yuan. Specifically, China Construction Bank has 120 billion yuan, China Development Bank, Agricultural Development Bank, and Industrial and Commercial Bank have 100 billion yuan, and Export-Import Bank has 35 billion yuan, with an average of 91 billion yuan per company. In addition, the Bank of China Hubei Branch also issued relevant documents with the Hubei Provincial Development and Reform Commission to provide special financing, but the amount was not disclosed.

If calculated according to the average amount of 91 billion yuan per large bank, 9 state-owned large banks will provide Hubei with a special financing amount of 819 billion. If you add the special quota provided by the joint stock bank, the local city commercial bank, and the rural commercial bank, the quota may exceed one trillion. This amount will exceed Hubei’s new credit scale in 2019. Wind data shows that in 2019, Hubei Province added RMB 632.3 billion in credit. (21st Century Business Herald)

Industry News

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