May 31, 2010
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Notice by the People's Bank of China and the State Administration of Foreign Exchange on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development [Effective]
中国人民银行、国家外汇管理局关于做好疫情防控和经济社会发展金融服务的通知 [现行有效]

Notice by the People's Bank of China and the State Administration of Foreign Exchange on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development
(No. 92 [2022] of the People's Bank of China)
At the onset of COVID-19, the People's Bank of China (“PBC”) and other government agencies jointly issued the Notice on Further Strengthening Financial Support for Preventing and Controlling the Novel Coronavirus Pneumonia Epidemic (Yinfa No. 29 [2020]), following the decisions and arrangements of the CPC Central Committee and the State Council. The 30 measures in the Notice on monetary and credit policies and financial services provided strong support for the containment of COVID-19 and the recovery of the real economy. At present, the Chinese economy is faced with increased pressures of demand contraction, supply shocks, and waning expectations under the combined effect of the pandemic and other internal and external factors. This Notice is hereby issued to ensure effective financial support for pandemic containment and socio- economic development. The specifics are as follows.



I. Giving play to both aggregate and structural monetary policy instruments to increase financial support for the pandemic-affected sectors, businesses, and populations
1. Keep liquidity adequate at a reasonable level. We will adopt a mix of monetary policy instruments, including open market operations, standing lending facility (SLF), central bank lending and discounts, to provide sufficient liquidity, encourage financial institutions to make more loans, and keep the growth of aggregate credit stable. We will tap into the loan prime rate (LPR) reform to keep the overall financing costs of businesses stable with a slight decline and encourage financial institutions to cut profits for the benefit of the real economy. For those financial institutions that are materially affected by the pandemic, the relevant PBC branches may appropriately relax the evaluations on reserve requirement.
2. Provide differentiated financial services for sectors hard hit by the pandemic. Making effective use of the central bank lending and discount policies in support of rural development and micro and small businesses (MSBs), we will raise the corresponding lending quota when appropriate and encourage locally incorporated financial institutions to boost support for catering and accommodation, retail and wholesale, culture and tourism, and other contact-based service industries as well as other promising but (due to COVID-19) temporarily distressed industries.
We will improve information sharing with competent authorities of commerce, culture and tourism, and transportation; organize various events to improve linkage between the government, banks, and businesses; help banks improve customer acquisition, risk assessment, and risk management capabilities; and develop movable property mortgage and pledge products and unsecured loan products based on the characteristics of businesses.
3. Step up financial support for MSBs and other market entities in difficulties. We will make effective use of the inclusive loans to MSBs by providing incentive funds to locally incorporated financial institutions at one percent of the incremental outstanding balance of such loans to encourage them to maintain and increase the inclusive loans to MSBs. The support plan for unsecured inclusive MSB loans will be incorporated into the central bank lending program for rural development and MSBs, such that starting from 2022, the original quota of RMB400 billion for those loans will be available on a revolving basis and if necessary, may be further increased, to incentivize financial institutions to increase the proportion of unsecured loans and first- time borrowers.
Financial institutions should promote actively offered credits and revolving loans to better meet the financing needs of MSBs. Financial institutions are to lay down detailed and concrete rules on funds transfer pricing, tolerance for non-performing loans, due diligence, and performance assessment, and more effectively allocate credits and use financial technologies, to enhance their capacity to serve MSBs. Through medium- and long-term loans, lowered interest rates, extension or renewal of loan term, or other market-based approaches, financial institutions should proactively help the affected businesses overcome the pandemic and should not unjustifiably restrict or terminate loans or force an early repayment. Financial institutions should also work with credit reporting platforms to access the credit information they have on businesses, such as the finance, government administration, utility, and commerce records, to reduce the information asymmetry between banks and businesses and make financing more efficient.
4. Improve the quality and efficiency of financial services to priority regions and pandemic-affected populations. Financial institutions should improve the financial services on offer to the hard-hit areas by adjusting their regional financing policies and funds transfer pricing and implementing differentiated performance evaluation schemes.
For those who have been hospitalized or quarantined due to COVID-19 infection, who are under quarantine for pandemic containment, and who have temporarily lost their source of income due to the pandemic, financial institutions should promptly optimize their credit policies to separately track the capacity for repayment and the willingness to make repayment as well as the short-term impact on repayment capacity and longer- term impact on repayment capacity, and make flexible changes to the repayment plans for mortgage and other personal loans, such as appropriately deferring the repayment deadlines, extending the loan term, and postponing principal repayment. Financial institutions are also encouraged to make business loans more accessible to taxi drivers, e-commerce business owners, truck drivers, and other self-employed individuals in reference to their policies for individual businesses and MSBs.
5. Provide convenient financial market services. Financial infrastructures should further optimize issuance, trading, clearing, and settlement services; offer services through a wide range of channels; adjust the operation of some businesses; and improve service availability. The National Association of Financial Market Institutional Investors and the Shanghai Clearing House should make good use of the existing “fast tracks” to better support bond issuers severely affected by the pandemic by streamlining service procedures and moderately relaxing the disclosure requirements.
6. Ensure the availability of basic financial services. We will enhance cash management to ensure cash is adequately supplied and sanitary. We will maintain smooth operations of payment and clearing services, raise the maximum amount for the Bulk Electronic Payment System (BEPS) as necessary, and extend the operating hours of the High-Value Payment System and the Central Bank Accounting Data Centralized System, to enhance the support of electronic payment services.
For business loans, financial institutions should, if necessary, complete the approval and disbursement procedures at the nearest outlets or through videoconferencing. To protect the public's rights in relation to credit records, financial institutions should continue to observe the rule that exempts certain COVID-19-related late payments from being reported as delinquencies. They should also ensure the accessibility of online inquiry and complaint channels for financial consumers.
We will establish a coordination mechanism between fiscal authorities, tax authorities, treasury, and banks to ensure unimpeded funds transfers and prompt disbursement of funds earmarked for COVID-19 control. Treasuries at all levels should ensure implementation of the value-added tax (VAT) credit refund policy, a relief policy for businesses. We will streamline the allocation and disbursement channels for tax refunds, to ensure businesses can receive the refunds in a prompt, accurate, and secure manner and benefit from the policy as early as possible.
II. Promoting the role of finance in keeping smooth flows in the economy and implementing the policies on financial industry's support for the real economy

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