CITIC aiBank Commits to Support for Stabilisation of Chinese Economy

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Baidu-backed private lender CITIC aiBank has unveiled a slew of measures to help support the stabilisation of China’s economy amidst the uncertainty created by the Covid pandemic and heightened geo-political tensions.

CITIC aiBank recently issued its “21 Work Measures for the Stabilisation of the Economy and Helping Enterprises to Alleviate Difficulties” (百信银行落实稳住经济助企业纾困21项工作举措).

Measures outlined by the digital bank in its new plan include:

  • Continuing to reduce overall financing costs for micro-and-small enterprises.
  • Further expanding loan pricing support.
  • Raising the accessibility and convenience of financial services for micro-and-small enterprises and new urban migrants.
  • Pragmatically strengthening the sense of satisfaction and security of micro-and-small enterprises and new urban migrants.

CITIC aiBank also said that it would strengthen efforts to reduce fees and “transfer profits”, as well as work actively to support the resumption of work and operation by enterprises adversely affected by the ongoing Covid pandemic.