BEIJING — China's banking and insurance regulator has called on financial institutions to take targeted and effective measures to help the freight logistics sector tide over difficulties.

The China Banking and Insurance Regulatory Commission said that more funds should be channeled to the sector.

More inclusive loans should go to small and micro firms and individual businesses in the transportation sector, it added.

Banking institutions should make reasonable arrangements for loan extension or renewal as appropriate if the truck drivers face difficulties in repaying their auto loans due to the COVID-19 epidemic, the regulator said.

The institutions should also lower loan interest rates and reduce charges appropriately on the basis of their operating conditions and the customers' repayment ability, said the commission.

Insurance companies were encouraged to develop accident insurance products that target the needs of special posts such as truck drivers and couriers, according to the regulator.