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Agricultural Development Bank of China
News for Outlets

C.China's Hubei issues RMB99.9bln loans with preferential rates to boost post-COVID-19 recovery

August 10, 2020


Abstract : The financial institutions in central China's Hubei Province have issued a total of 99.9 billion yuan worth of bailout loans with preferential interest rates to 95,000 enterprises in the province so far this year, according to a local work conference held on Sunday.

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WUHAN, Aug. 10 (Xinhua) -- The financial institutions in central China's Hubei Province have issued a total of 99.9 billion yuan worth of bailout loans with preferential interest rates to 95,000 enterprises in the province so far this year, according to a local work conference held on Sunday. 

Meanwhile, financial institutions in Hubei have extended the payment deadline of principals and interests on 355.6 billion yuan worth of loans, benefiting 282,000 enterprises in total.

The head of the Wuhan Branch of the People's Bank of China Wuhan (PBOC) noted that in the first half of the year, multiple favorable policies such as re-lending and re-discounting are used to guide financial institutions to expand credit release and provide support for the real economy amid challenges including the COVID-19 outbreak, post-epidemic recovery, and flood control and disaster relief. 

By the end of June, the outstanding balance of bank loans in Hubei Province reached 5.7 trillion yuan, up 12.4 percent on year. The growth was 0.3 percentage point higher than that at the end of March. 

The PBOC Wuhan Branch will continue to urge financial institutions to actively meet the financing demands from key projects and market entities and prevent and resolve systemic financial risk. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)


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Keyword: loans Hubei

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