Pudong Development Bank Unveils Financial Support Plan for Shanghai

88

Shanghai Pudong Development Bank (SPDB) has announced the launch of raft of measures to help support the economy of Shanghai in the wake of recent Covid-related lockdown measures.

On 6 July SPDB released the “12 Measures to Support the Reinvigoration of Shanghai’s Economic Development” (支持上海经济重振发展“二十条”措施).

SPDB said that it would increase special lending quotas by 190 billion yuan, providing additional financial support to market entities, industrial supply chain companies and foreign trade enterprises to resume work and production. The municipal also said that it would target personal consumption.

The 12 Measures cover five areas including:

  1. Allocation of special funds to support market entities in work resumption.
  2. Wholesale formulation plans, to support industry chains and supply chains in the resumption of production.
  3. The establishment of special quotas to support the realisation of major projects in Shanghai.
  4. Employing specialist advantages to support the stable development of foreign trade enterprises.
  5. Interest rate discounts, to support the accelerated recovery of personal consumer demand.

The release of the new measures builds upon the “16 Measures to Support Overcoming the Pandemic” (支持打赢疫情防控阻击战的“十六条”举措) that SPDB issued in April just after Shanghai was placed under lockdown.