East China’s Jiangsu province has introduced financial measures to help companies ease the pressure caused by the covid-19 epidemic. Let’s take a close look.
Jiangsu recently issued the "Opinions on Optimizing Financial Supply and Enhancing Service Efficiency Actions", which proposed 29 measures from 10 aspects to help enterprises overcome difficulties and promote development.
Focusing on the demand side, the support measures required banks and insurance institutions to ensure stable financial demand in the industrial chain and supply chain.
Relevant departments must go all out to ensure the smooth flow of freight and logistics during the epidemic prevention and control period, and actively help the market entities affected by the epidemic.
For small and micro enterprises and individual customers with good credit records and willingness to repay but with temporary difficulties, banks and insurance companies must coordinate loan renewal and extension, flexibly adjust repayment arrangements, and refine measures to alleviate difficulties.
Banks and insurance institutions are also required to strengthen the financing of major projects, increase credit input to advanced manufacturing clusters and strategic emerging industries, and coordinate the use of credit, bonds, and financial leasing to provide efficient supporting financial services for investment in agriculture and rural areas, ecological environment, and people's livelihood security.
The latest data shows that as of the end of March, Jiangsu's banks and financial institutions registered a loan balance of 19.2 trillion yuan, a year-on-year increase of 15.2%.
The manufacturing industry increased its loan balance by 2.9 trillion yuan, a year-on-year increase of 23.4%.
In the first quarter, the province's insurance industry paid a total compensation of 38.9 billion yuan, a year-on-year increase of 18.5%.
