CDB Endeavors to Support China's Victory in Combating the Epidemic and Bolstering Economic and Social Development

On February 24, 2020, the CPC Committee of CDB convened a meeting to study General Secretary Xi Jinping’s important speech at the conference on coordinating the prevention and control of the coronavirus epidemic and economic and social development on February 23, as well as the related decisions and deployments made at the CPC Politburo conference on February 21, and to discuss and specify corresponding measures. The meeting was presided over by Zhao Huan, Secretary of the CPC Committee of CDB and Chairman of CDB. Also present at the meeting were other members of the CPC Committee of CDB, including Ouyang Weimin, Deputy Secretary of the CPC Committee of CDB and President of CDB, Song Xianping, Head of Discipline Inspection and Supervision of CDB, and Zhou Qingyu and Ma Xin, Executive Vice Presidents of CDB.

The meeting noted that General Secretary Xi Jinping’s speech on February 23 reviewed China’s efforts in epidemic prevention and control, analyzed in depth the current effects of the epidemic on the economic and social development, and made strengthening the Party’s leadership and coordinating epidemic prevention and control and economic and social development a top priority, showing great ideological, guiding and practical significance. And the scientific methodology and priority work for coordinating epidemic prevention and control and economic and social development were specified at the CPC Politburo conference. The speech and the conference provided a direction and guideline for coordinating efforts in combating the epidemic and promoting economic and social development.

The meeting stressed that since the outbreak of the coronavirus epidemic, General Secretary Xi Jinping has been paying great attention and personally directing responses to the disease, and has given a series of important speeches, instructions and comments, providing scientific guidance for winning the national war against the epidemic. The situation of epidemic prevention and control is now improving thanks to the strong leadership of the CPC Central Committee with Xi Jinping at its core and the country’s arduous efforts. It has been proven that the CPC Central Committee’s judgment on the situation of the epidemic is accurate, all work arrangements are timely, and the measures taken are effective. The results of the prevention and control work have once again demonstrated the notable advantages of the leadership of the CPC and the system of socialism with Chinese characteristics.

As pointed out at the meeting, the current epidemic situation is still grim and complex, and prevention and control is at the most critical stage. In order to support China’s victory in combating the epidemic and bolstering economic and social development and contribute to the completion of building a moderately prosperous society in all respects and the successful implementation of the 13th Five-Year Plan, CDB should earnestly study and carry out General Secretary Xi Jinping’s important speech and the decisions and deployments made at the CPC Politburo conference, align its ideas and actions with the instructions of the CPC Central Committee, strengthen “Four Consciousnesses,” “Four Confidences” and “Two Upholds,” and with enhanced confidence in victory, a greater sense of responsibility, a disposition for benevolence, a stronger will, and more prudent and pragmatic measures, implement the decisions and deployments of the CPC Central Committee, give full play to development finance, and coordinate epidemic prevention and control and economic and social development.

The meeting required that CDB should make intensive, concrete and targeted efforts in epidemic prevention and control, continuously improve related strategies and measures, never slack off in protecting its staff, assist Beijing in preventing the inflow of infections from abroad and the spread of coronavirus within the city, ensure safety in the bank’s workplaces across the country, particularly in Beijing, and provide more care for its employees. CDB should spare no effort to support epidemic prevention and control and help win the battle against the epidemic. Special sub-loans should be leveraged to satisfy the reasonable financing needs of enterprises and other organizations, and the sub-loans CDB has received from the People’s Bank of China should be on-lent as soon as possible. The bank should continue purchasing much-needed medical supplies to support epidemic prevention and control in Hubei Province and other coronavirus-stricken regions. Staff donation drives should be organized to support epidemic prevention and control. CDB should also coordinate internal and external publicity as well as online and offline publicity, and strengthen publicity in a variety of ways.

As stressed at the meeting, while working on epidemic prevention and control, CDB should give full play to the role of development finance in counter-cyclical adjustment and make efforts to ensure “Six Stabilities” and to minimize the effects of the epidemic, with a view to supporting the recovery of the real economy and contributing to the attainment of the economic and social development goals for 2020. The bank should strengthen project evaluation and accelerate credit granting by taking into consideration both the situation of epidemic prevention and control and the economic and social development needs. Special working capital loans with a preferential interest rate should be set up to help key enterprises that guarantee supplies for epidemic prevention and control and epidemic-affected enterprises resume work and production. CDB should invest more efforts in supporting private businesses and micro and small-sized enterprises with sub-loans, while guiding its partners to gradually reduce the financing costs of these companies. Special loans with a preferential interest rate should also be set up to support spring ploughing. Support for ongoing and newly launched projects should be strengthened, and priority should be given to projects in such fields as critical infrastructure construction, advanced manufacturing, strategic emerging industries, and the high-tech industry. Innovative long-term financing instruments should be developed to support the development of major industries. Credit limits should be separately specified for epidemic-stricken regions to enhance support for enterprises greatly affected by the epidemic. To ensure victory in prevention and mitigation of major risks, targeted poverty alleviation, and pollution prevention and control, CDB should accelerate efforts in overcoming poverty by providing loans and donations and by promoting consumption, strengthen financing support for projects related to all-round protection of the Yangtze River and environmental protection of the Yellow River basin, and speed up disposal of existing non-performing loans. The bank should also make vigorous efforts to stabilize foreign trade and foreign investment, and provide more support for foreign investment projects and trade financing.

The meeting pointed out that CDB should strengthen organization and leadership when carrying out epidemic prevention and control and serving economic and social development. All leadership teams and Party cells within CDB should fulfill their leadership responsibilities, take detailed and pragmatic measures to implement the decisions and deployments of the CPC Central Committee, and comply with the requirements of the CPC Committee of CDB. All Party members in leadership positions should play an exemplary role, and all cadres should respond quickly to instructions, carry out solid work, and uphold the principle of “Two Upholds” in practice. CDB should encourage cadres to take on responsibilities and attach importance to evaluating their performance in the front line. It should strengthen supervision and inspection and set up strict rules on the purposes of special sub-loans and loans for work and production resumption, in order to ensure earmarking of funds and compliance with related laws and regulations. CDB should continuously improve its work capacity, coordinate its efforts in combating the epidemic and serving economic and social development, and demonstrate the positive role of development finance during crunch time.