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China beefs up credit support to expand medical supplies output

Updated: Feb 03,2020 11:16    Xinhua

BEIJING — China will offer more credit support to key companies in epidemic control to combat the novel coronavirus outbreak, the Ministry of Finance (MOF) said on Feb 2.

The MOF has announced in a circular that it will discount the interest rate of the relending funds issued by the People's Bank of China (PBOC) by 50 percent for no more than a year to help expand production of medical supplies at the critical stage of the anti-virus campaign.

The ministry will enhance credit issuance alongside the interest rate discount to bolster financing for key companies in sectors like vaccine development, pharmaceutical products and medical appliances, said Vice-Finance Minister Zou Jiayi.

The relending funds provided by the PBOC to national banks and local banks in the worst-hit regions will offer favorable interest rates to manufacturers of medical supplies and daily necessities.

The circular also urged more credit support for individual and corporate borrowers affected by the outbreak, granting deferred loan repayment for no more than one year for coronavirus-infected individuals and giving priority to loan applications from small and micro enterprises.

Financing guarantee services will be improved with lower fees to aid companies in areas worst hit by the outbreak, said the circular.

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