Shanghai financial institutions help enterprises resume operation

SHANGHAI -- Financial institutions in Shanghai have taken several measures to promote production resumption of enterprises amid the novel coronavirus epidemic, local authorities said Thursday.

"The financial institutions are increasing credit support to enterprises to help them resume operation," said Li Jun, deputy director of the Shanghai Municipal Financial Regulatory Bureau, at a press conference.

Statistics show that as of Feb 18, Shanghai banks have issued 90 loans totaling about 1.3 billion yuan (over $186 million) to 48 key enterprises.

"These loans were granted in less than two days. Priorities were given to enterprises focusing on the production of epidemic prevention materials," said Li.

Meanwhile, 54 banks in Shanghai have granted loans of 17.6 billion yuan to nearly 2,000 enterprises affected by the epidemic. About 350 million yuan of loan fees and interest have been exempted from over 4,300 enterprises seriously affected by the epidemic.

Many insurance companies in Shanghai have also extended their insurance coverage to the novel coronavirus pneumonia, in an effort to help enterprises resume production.