China expands loan repayment assistance to small and microenterprises

People walk past a branch of the Bank of China in Beijing, January 10, 2020. / CFP

People walk past a branch of the Bank of China in Beijing, January 10, 2020. / CFP

China has extended loan repayment and loan support policies for small businesses until the end of this year, according to a statement released by the central bank and other government departments on Friday.

The inclusive loan repayment extension for small businesses will be extended until December 31, and businesses and banks can negotiate and implement a repayment installment for loans that mature between April 1 and December 31, according to the press release.

The previous extension ended on March 31.

Since last year, China has put in place a series of measures to help small and micro businesses overcome the hardships caused by the COVID-19 epidemic, including encouraging financial institutions to temporarily postpone repayments of loans and increasing lending at concessional rates.

The government has declared that it will continue the policy of lowering taxes and measures to support small businesses to boost their vitality. It will also take measures to reduce arbitrary charges and fines imposed on companies to ease their burden, Finance Minister Liu Kun said at the Fourth Session of the 13th National People’s Congress in early March.

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