Here are some measures by Chinese banks to ameliorate the financial and economic difficulties of individuals and businesses during the COVID-19 epidemic.
Heidy Han | Partner
W&H Law Firm Shanghai Office
Member of Intl. Bar Association
WeChat: 13818408820
On 1 February the Chinese central bank led the release of the Notice Concerning Further Strengthening Financial Support for the Prevention and Control of the COVID-19 (), which called for the adoption of a range of measures to ameliorate the financial and economic difficulties of individuals and businesses during the outbreak of the disease, including adjustments to repayment arrangements and the deferral of repayments for people who have temporarily sources of income.
Recently, Beijing Dingxiang Technologies Co., Ltd. has issued the Government & Bank Statistical Report on Disease Resistance and Reconstruction and Assisting the Development of Small and Medium-sized Enterprises (&), which scrutinised the policies of 36 Chinese banks for helping enterprises and individuals to weather the impacts of the COVID-19 epidemic.
Banks examined by the report included Chinas big six state-owned banks, as well as nine joint-stock banks and 21 municipal commercial landers. The report found that 23 banks are providing preferential interest rates to enterprises impacted by the COVID-19 epidemic, with an especial focus on small businesses, those situated within Hubei province or other areas hardest hit by the spread of the disease, as well as companies that produce relevant medical supplies.
These banks include: Bank of China, Agricultural Bank of China, ICBC, China Construction Bank, Bank of Communications, Postal Savings Bank of China, China CITIC Bank, China Minsheng Bank, Huaxia Bank, China Everbright Bank, Shanghai Pudong Development Bank, China Guangfa Bank, Bank of Beijing, Bank of Shanghai, Bank of Jiangsu, Bank of Hebei, Bank of Chengdu, Bank of Ningbo, Bank of Chongqing, Bank of Qingdao, AiBank, Bank of Bohaiand Bank of Guizhou.
A total of 28 banks have also relaxed repayment terms for patients, front-line medical staff or people who have lost sources of income as a result of the COVID-19. These lenders have indicated that they will not views late payments arising due to the impacts of the COVID-19 epidemic as loan defaults, or include them in the credit records of customers, and include:
Agricultural Bank of China, China Construction Bank, Bank of Communications, Bank of China, ICBC, Postal Savings Bank of China, China CITIC Bank, China Everbright Bank, Shanghai Pudong Development Bank, China Guangfa Bank, Ping An Bank, Z-Bank, Bank of Beijing, Bank of Shanghai, Bank of Hebei, Bank of Chengdu, Huishang Bank, Bank of Ningbo, Zhongyuan Bank, Bank of Chongqing, Bank of Qingdao, Bank of Gansu, AiBank, Bank of Bohai, Bank of Guizhou, Fudian Bank, China Zheshang Bank and Bank of Weifang.
Four of Chinas big state-owned banks have committed to providing various forms of free insurance services to front-line medical staff participating in disease containment efforts. These banks include the Agricultural Bank of China, China Construction Bank, Bank of China and ICBC.
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