Zhejiang issues financial measures to help market overcome COVID impact
Authorities in East China's Zhejiang province have issued a series of financial policies recently to smooth over difficulties for market entities and promote the development of foreign trade and exports in the face of COVID-19 epidemic.
According to the measures, Zhejiang will aim to provide financial support and make lending easier for enterprises, especially those in the industries of accommodation and catering, wholesale and retail, cultural tourism, and transportation. Financial institutions in Zhejiang province will be encouraged to establish emergency response mechanisms and provide flexible and convenient financial services for these enterprises.
The policies propose that financial green channel for transportation and logistics industry be opened in the province to ensure the stability of the industrial and supply chains, and solve the problems of freight logistics.
Zhejiang will strive to strengthen the facilitation of cross-border RMB business, promote foreign trade enterprises to avoid exchange rate risk in using RMB settlement, and ensure that the provincial cross-border RMB settlement volume exceed 1.2 trillion yuan ($181.6 billion) during 2022.
Moreover, the polices are also targeted at increasing financial resources investment for small and micro businesses.