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Xinhua Credit
Economy

China ramps up financial support to accelerate manufacturing recovery amid epidemic

April 22, 2020


Abstract : China has strengthened financial support for the real economy in the first quarter (Q1) of this year, which boosted the recovery of the country's manufacturing sector amid the COVID-19 epidemic, reported Economic Information Daily Wednesday.

BEIJING, April 22 (Xinhua) -- China has strengthened financial support for the real economy in the first quarter (Q1) of this year, which boosted the recovery of the country's manufacturing sector amid the COVID-19 epidemic, reported Economic Information Daily Wednesday.

Multiple financial institutions and local governments have recently rolled out measures to further enhance financial support for manufacturing, said the report.

The People's Bank of China (PBOC) on Tuesday carried out the central bank bill swap operation valued at 5 billion yuan, which is conducive to improving the market liquidity of bank perpetual bonds and enhancing financial services for the real economy.

Thanks to the slew of policies issued by PBOC this year, the credit support for the real economy has been greatly improved.

In Q1, various loans in China increased by 7.1 trillion yuan, and 269.5 billion yuan of them were medium- and long-term loans for manufacturing, an increase of 95.6 billion yuan year on year. Medium- and long-term loans for high-tech manufacturing kept grewing rapidly.

According to the report, China will continue to promote the implementation of targeted RRR (required reserve ratio) cuts and re-lending among other policies to expand loans for small and medium-sized enterprises, and encourage financial institutions to further optimize credit granting policies. (Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

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Keyword: manufacturing PBOC financial support

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