The China Banking and Insurance Regulatory Commission (CBIRC) has called for the financial sector to improve its provision of special services for businesses and parts of the economy still weathering the impacts of the Covid-19 pandemic.
CBIRC recently issued the “Notice on Further Effectively Providing Financial Services to Challenged Industries and Enterprises Affected by the Pandemic” (关于进一步做好受疫情影响困难行业企业等金融服务的通知).
According to CBIRC the Notice will “guide banking and insurance institutions in further strengthening financial support for industries and enterprises that are severely affected by the Covid pandemic.”
The Notice calls specifically for:
- Banking and insurance industry associations to uphold the inclusiveness of financial services.
- Expanding the vigour of lending support.
- Effectively performing ongoing financial arrangements.
- Appropriately increasing tolerance for non-performing loans.
- Raising the efficiency of financial services.
- Innovation in credit service models.
- Improving assessment and incentive mechanisms.
- Effectively employing the protection role of insurance.