The General Office of the China Banking and Insurance Regulatory Commission ("CBIRC") has recently issued the Circular on Further Ensuring Sound Financial Services for Epidemic Prevention and Control (the "Circular").
The Circular calls for efforts to: 1. ensure sound financial services to support enterprises' resumption of work and production; 2. beef up the application of science and technology to foster innovative forms of financial services; 3. enhance the sense of mission to fulfill social responsibilities; 4. improve systems and mechanisms and implement the requirements for epidemic prevention and control; and 5. improve the work style to enhance the quality and efficiency of financial regulatory services. The Circular clearly states that full support for capacity expansion will be given to enterprises engaged in epidemic prevention and control, adding that with the focus on the needs of epidemic prevention and control, vigorous efforts should be made to ensure financing support for key health areas, including research and development of cures and vaccines, and to enterprises engaged in the production, transportation or logistics of key supplies. In addition, all-round services will be delivered to enterprises to support their resumption of work and production. All banking institutions shall make early preparations, timely obtain the information on enterprises, optimize procedures for issuing credit loans, grant a proper extension of the length of maturity, and practically cut fees and the interest, in order to back the orderly and efficient resumption of work and production of enterprises.