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China launches financial measures for industries hit by COVID outbreak

  China is stepping up financial support with new measures for businesses and people affected by the recent COVID-19 outbreaks, according to ajoint statementlaunched on Monday by the central bank and the foreign exchange regulator.

  The 23 measures are designed to enhance financial services in three aspects: supporting entities affected by the epidemic, ensuring unimpeded flows in the economy, and promoting exports, according to the online statement by the People's Bank of China (PBOC) and State Administration of Foreign Exchange (SAFE).

  The central bank will guide financial institutions to expand lending and surrender profits reasonably to the real economy, the statement said.

  Financial institutions should appropriately buy local government bonds to support infrastructure investment, it added.

  The financial regulators also asked lenders to meet the financing needs of logistics businesses and truck drivers, which are crucial during the COVID-19 resurgence.

  Housing credit policies should be varied in different cities and property developers' reasonable financing needs should be met in a bid to stabilize the real estate market, according to the statement.

  The statement also said small companies will be exempted from paying fees in their foreign-exchange derivatives trading.

  The PBOC on Friday cut the reserve requirement ratio (RRR), the amount of cash that banks must hold, for the first time this year to support the economy under downward pressure.

  Resource: CGTN