To fully implement the proposals made by General Secretary Xi Jinping in his keynote speech on supporting economic and social development in Hubei Province delivered when he joined the deliberations with deputies from Hubei Province at the third session of the 13th National People’s Congress, and to carry out the CPC Central Committee’s decisions and arrangements, China Eximbank formulated and issued the Opinions on Further Supporting the COVID-19 Control and Economic and Social Development in Hubei Province (hereinafter referred to as “the Opinions”) on May 28, proposing 23 specific measures to step up financial support for the region.
According to the Opinions, adequate credit arrangement for Hubei will be supported by prioritizing special low-cost funds and relief funds. Closer government-bank ties will be built through cooperation with the Hubei Provincial Government and local Development and Reform Commission and Department of Commerce to promote credit support for areas including foreign trade, manufacturing free trade zones and the Yangtze River Economic Belt. Measures such as fee reduction, interest concessions and suspension of interest and principal repayment will be adopted to support micro, small and medium enterprises in Hubei Province. Special credit policies will be carried out to support enterprises and projects in Hubei Province. A fast track for quick credit approval will be established to improve the efficiency of financial services.
The Opinions represent the Bank’s practical actions following the the keynote speech made by General Secretary Xi Jinping. The Bank will continue to play its role in “serving as a forerunner, addressing problems and making counter-cyclic adjustments” and increase credit supply in key areas such as foreign trade and foreign investment, manufacturing, infrastructure connectivity, “new infrastructures” and financial inclusion. With actions to promote epidemic control as well as economic and social development in Hubei Province, China Eximbank will make greater contribution to economic recovery in Hubei.