China’s Banking Sector Provides over 2 Trillion Yuan in Lending Support to Fight against COVID-19
Chinese banks have provided over 2 trillion yuan (approx. USD$282.97 billion) in lending support to efforts to contain the impacts of the COVID-19 pandemic.
Figures released by the China Banking Association on 26 March indicate that Chinese banking sector financial institutions have provided more than 2.0166 trillion yuan in lending support to efforts to combat the coronavirus.
China’s 12 joint-stock banks provided 729.934 billion yuan in coronavirus-related loans, while national municipal banks and private banks made 455.826 in related lending.
The big six state owned banks, including Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, the Industrial and Commercial Bank of China and the Postal Savings Bank of China, extended a total of 485.155 billion yuan in coronavirus-related loans.
China’s policy banks have also played a key role, with the China Development Bank providing 51.97 billion yuan in coronavirus-related lending, and the Agricultural Development Bank of China and the Export-Import bank of China tending a combined total of 112.039 billion yuan in loans.