Banks Reduce Rates 0.5 Percentage Points for MSE Loans in Coronavirus-hit Hubei Province

Multiple banks have committed to providing reduced rates for micro-and-small enterprise (MSE) loans in Hubei province, where the novel coronavirus is believed to have first emerged.

Pan Guangwei (潘光伟), party secretary of the China Banking Association, said to domestic press that multiple banks have indicated that they will expand their support for MSE’s and private enterprises in Hubei province by reducing lending rates by 0.5 percentage points.

Pan said that Chinese banks would actively assist the growth of MSE’s impacted by the novel coronavirus with the provision of differentiated and preferential financial services.

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