Since the outbreak of pneumonia caused by the novel coronavirus, while carrying out General Secretary Xi Jinping’s important instructions, the decisions and deployments of the CPC Central Committee and the State Council, and the spirit of the circular jointly issued by five national ministries and committees on February 7, CDB has been providing timely responses to financing needs, securing an adequate line of credit, streamlining credit granting procedures, and making targeted efforts, in order to enhance financial support for key enterprises that guarantee supplies for epidemic prevention and control. On January 24 or Chinese New Year’s Eve, CDB granted an emergency loan of 2 billion RMB to support epidemic prevention and control in Wuhan. As of February 10, 2020, CDB had promised a total of 35 billion RMB in emergency loans for the coronavirus epidemic prevention and control, and 20.4 billion RMB had been granted to support construction of hospitals dedicated for centralized patient management, such as Huoshenshan Hospital and Leishenshan Hospital, production and purchase of medical protection supplies, purchase of emergency equipment, drug manufacturing, and supply of daily necessities, benefiting a total of 174 enterprises; CDB had also received from the People’s Bank of China 7.6 billion RMB in special sub-loans for the coronavirus epidemic prevention and control and 2.9 billion RMB had been on-lent. CDB has been providing the best loan rate within the preferential rate range specified by the central bank, with a view to truly reducing financing costs for enterprises and making concrete contributions to winning the battle against the coronavirus epidemic.
It is reported that CDB has set up an emergency financing service mechanism for the coronavirus epidemic prevention and control, which requires ad hoc measures to satisfy the financing needs of key enterprises. The bank must respond within 24 hours to the financing needs of key enterprises that guarantee supplies for the coronavirus epidemic prevention and control, and has been offering these enterprises the most favorable terms on eligibility requirements, the loan rate, and the credit structure, as well as reasonable loan amounts and terms. Meanwhile, CDB has adopted in principle separate and enclosed management of special funds to strengthen capital management and earmarking of funds. CDB has also developed three special policies: firstly, it must not demand early repayment or cut off or delay delivery of loans for enterprises greatly affected by the epidemic; secondly, it should provide favorable loan rates for micro and small-sized enterprises in Hubei Province; and thirdly, no penalty interest should be charged for delayed repayment of education loans due to the epidemic outbreak, and such delay must not be considered as a default.
Looking ahead, CDB will continue to carry out the decisions and deployments of the CPC Central Committee and the State Council, pay close attention to the progress in epidemic prevention and control, strengthen financing support, make coordinated efforts to promote reform, development and stability, help enterprises resume production, support poverty relief through finance, leverage financial services to ensure “Six Stabilities”, and provide timely, effective and high-quality financial services to help win the battle against the epidemic and achieve the economic and social development goals for 2020.
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