Postal Savings Bank of China Commits to Covid Relief Support

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One of China’s big state-owned banks has pledged its support for state-led efforts to contain the economic impacts of the ongoing Covid-19 pandemic.

Postal Savings Bank of China (PSBC) recently issued the “Notice on Fully and Effectively Performing Work in Relation to Financial Services for Pandemic Control and Prevention and Economic and Social Development” (关于全力做好金融服务疫情防控和经济社会发展相关工作的通知).

PSBC said that the Notice was for the purpose of “comprehensively implementing the party central committee and the State Council’s key decisions and arrangements on effectively performing current economic and social development work”.

The Notice also promotes “a raft of financial measures, to help to stabilise the macro-economy,” outlining 36 specific measures across 7 areas including:

  1. Pragmatically undertaking the responsibilities and duties of a major state-owned bank.
  2. Expanding financial support for affected market entities.
  3. Fully protecting financial demand in key areas.
  4. Raising financial services levels in the area of the people’s livelihoods.
  5. Fully expediting the stable development of foreign trade and exports.
  6. Comprehensively raising the quality and efficiency of online financial services.
  7. Ensuring the stability and connection of financial services.