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Jiaxing banks support local businesses

chinadaily.com.cn| Updated : Feb 13, 2020

The banking industry in Jiaxing, East China's Zhejiang province, is expected to help local companies pull through during the novel coronavirus pneumonia outbreak, according to the Jiaxing banking and insurance supervision bureau.

Companies to receive support include those severely effected by the NCP outbreak or whose products can help control the epidemic.

Zhejiang Qinglian Food Co Ltd is the largest port processor in the province as well as one of 861 companies in China determined to be an important producer of daily necessities.

Due to the epidemic, Qinglian needed more capital to support its operations.

The Jiaxing branch of the Industrial and Commercial Bank of China (ICBC) then stepped in to help the company apply for 100 million yuan ($14 million) in loans from the provincial branch on Feb 6.

Qinglian received the loans in just 48 hours.

In addition, the Jiaxing branch of ICBC also saved borrowers from the hassle of running between various companies and banks by withdrawing money and signing loan contracts online in a bid to reduce the risks of contracting the novel coronavirus.

On Feb 7, another bank, the Jiaxing branch of the Bank of Hangzhou, issued a loan of 10 million yuan to Shiyuan Technology (Jiaxing) Medical Electronics Co Ltd with an interest rate of just 3.15 percent, one percentage point lower than the normal rate.

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The Jiaxing branch of the Bank of Hangzhou issues a loan of 10 million yuan to a local company with an interest rate of 3.15 percent, one percentage point lower than the normal rate. [Photo/cnjxol.com]