Guizhou issues loans to support work resumption

To reduce the impact of the novel coronavirus pneumonia (COVID-19) outbreak, major financial institutions in Southwest China's Guizhou province have issued 84.23 billion yuan ($11.89 billion) in loans.

About 8,995 small, medium, and micro-sized companies, 82,000 individual businesses, as well as 12,900 medium and micro-sized company owners have benefited from the loans.

The Guiyang branch of the People's Bank of China encourages Guizhou's financial institutions to increase support for COVID-19 epidemic prevention and control, as well as to bolster the province's economic and social development.

Financial institutions should renew or extend the time limit of loans for companies facing temporary difficulties caused by the epidemic.

Financial institutions should also reduce the loan interest rate, as well as increase credit loans and medium to long term loans to meet the financial demands of the wholesale, retail, accommodation, catering, logistics, transportation, culture, and tourism industries that have been severely affected by the epidemic.

To enhance the poverty alleviation of finance, financial institutions should increase financial support for industrial reform, the 12 agricultural advantageous industries, and industrial restructuring in plain areas over 500 mu (33.33 hectares).

Currently, the total poverty alleviation re-lending balance of 16 severely impoverished counties has exceeded 10 billion yuan, and the poverty alleviation re-lending balance totals over 33 billion yuan in Guizhou. By the end of 2019, Guizhou's targeted poverty alleviation loan balance was 61.48 billon yuan, ranking first nationwide.

To help farmers prepare for spring plowing, Guizhou's major banks issued 95.54 billion yuan in loans involving agriculture by April 12, including 20.28 billion yuan to support agricultural businesses, farmers, as well as the production, supply, and circulation of chemical fertilizers and agricultural materials.

The Guiyang branch of the People's Bank of China will enhance the application of monetary policy instruments, improve credit policy guidance, and strengthen coordination with relevant government departments to maintain the province's rapid economic development.