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Hubei takes measures to support construction industry recovery amid epidemic

April 22, 2020


Abstract : Central China's Hubei Province rolled out a bunch of measures recently to bail out construction industry hit by the novel coronavirus pneumonia epidemic, according to a report by Hubei Daily.

BEIJING, April 22 (Xinhua) -- Central China's Hubei Province rolled out a bunch of measures recently to bail out construction industry hit by the novel coronavirus pneumonia epidemic, according to a report by Hubei Daily.

The measures, covering 11 aspects, will give all-round support to the recovery of construction industry in terms of finance, material and labor supply, and project management.

All financial institutions in Hubei are not allowed to blindly draw loans, withdraw loans, or press loans in a bid to ensure the capital operation for enterprises in construction industry during the work resumption.

For loans affected by the epidemic since January 25, a temporary deferred principal and interest payment arrangement will be implemented which can be extended up to June 30 with no penalty interest. Banks and enterprises can negotiate  the subsequent principal and interest payment plan after June 30, 2020.

The measures also require reasonable extention of the contracted construction duration to ensure the quality and safety of the project.    

In addition, the measures require to strengthen employment security in construction industry, improve project payment system, promote capital substitution mechanism, reasonably share the epidemic loss, ensure supply of materials, increase project bidding support, support talents training and technological innovation, optimize the business environment, and strengthen safety management. (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)

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Keyword: Hubei construction industry work resumption policy

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