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Haikou Jiangdong New Area
Economy

China's 10 banks offer 160-bln-yuan special credit support for Shanghai Pudong's enterprises

June 18, 2020


Abstract : China's ten banks including the Bank of China will provide 160 billion yuan of special credit support for enterprises in Shanghai's Pudong New Area, in a bid to help enterprises go through financial difficulties, according to an agreement signed between representatives from banks and enterprises.

SHANGHAI, June 18 (Xinhua) -- China's ten banks including the Bank of China will provide 160 billion yuan of special credit support for enterprises in Shanghai's Pudong New Area, in a bid to help enterprises go through financial difficulties, according to an agreement signed between representatives from banks and enterprises on Tuesday.

"Among the total special credit lines, 65 billion yuan of them are specifically used to ensure employment and people's livelihood, and support the development of small and micro enterprises," said Zhang Hong, director of the Finance Service Bureau in Shanghai Pudong New Area.

The banks will provide a package of financial services including credit loans, trade financing, credit insurance and cross-border settlement for foreign trade enterprises, and provide a series of financial products for catering, retail and logistics industries.

In order to better support small and micro enterprises, the banks will make good use of the re-lending program provided by the People's Bank of China, and the credit enhancement funds policy from Shanghai Pudong New Area.

Besides, they will also offer a variety of service programs to small and micro enterprises in a bid to help them relieve financial difficulties, including principal payment adjustment, extension of interest settlement period and credit variety adjustment. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)

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Keyword: credit banks enterprises

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