BEIJING — China's top banking and insurance regulator issued a circular on March 12, urging the country's banking and insurance institutions to step up support for areas hit by deep poverty.

Banking institutions should strive to ensure that the average growth pace of loans to deeply impoverished regions exceeds the average level in the province and the tolerance for bad loans is allowed to increase, said the China Banking and Insurance Regulatory Commission.

These areas should also be covered by insurance services, it said.

The commission encourages banking and insurance institutions to set up branches in those areas.

In the meantime, financial support for epidemic prevention and control should be enhanced to boost work and production resumption, prioritizing the reopening of enterprises and projects connected to poverty relief, the circular said.