BEIJING, Feb. 28 (Xinhua) -- China will introduce more targeted policies to help small and micro enterprises to resume work earlier, reported the Economic Information Daily Thursday, quoting sources from a new conference.
Chinese authorities recently have rolled
out a string of measures to help micro, small and medium-sized enterprises
amid the novel
coronavirus outbreak, which has shown positive effects.
The recent measures covering taxation, finance and social security have facilitated the steady-growing work and production resumption rate of small and medium-sized enterprises (SMEs), according to Zhang Kejian, vice minister of the Ministry of Industry and Information Technology (MIIT), who revealed that the rate reached 32.8 percent on February 26, which was 3.2 percentage points higher than three days ago.
The China Banking and Insurance Regulatory Commission (CBIRC) has strengthened credit support for SMEs and private businesses. Many banking institutions have lowered the interest rate of inclusive loans for SMEs in Hubei province by 0.5 percentage points from the original basis, said Xiao Yuanqi, chief risk officer of the CBIRC, adding the commission will further improve the accuracy and timeliness of financial services.
China's central bank has recently increased re-lending and re-discount quota by 500 billion yuan, which is an inclusive measure, while lowering the interest rates of re-loans supporting small and micro businesses and agriculture from 2.75 percent to 2.5 percent.
Next move is to further increase the quota of re-lending and re-discount, and guide various types of banks to issue loans with preferential interest rate for SMEs, said Liu Guoqiang, vice governor of the People's Bank of China. Meanwhile, it will increase policy support for capital supplementation of small and medium-sized banks, to help them handle growing loans.
The MIIT will join hands with other government departments to help solve the problems of imminent cash flow faced by SMEs, and guide them to enhance innovation and accelerate digitalization, so as to achieve transformation and upgrading, said Zhang. (Edited by Li Wenxin, liwenxin@xinhua.org)
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