Hainan authorities have increased financial support for pandemic-affected businesses

nce the beginning of the year, the authorities of the southern Chinese province of Hainan have developed and implemented a package of financial support measures for enterprises experiencing difficulties under anti-weed restrictions. This was reported by the CCTV channel.

We are talking about support in the field of taxation, financing, rent, social security and various kinds of public services. Since April, the provincial authorities have been consistently implementing various assistance programs to overcome the difficulties faced by enterprises. Thus, significant financial support was provided to small, medium and microenterprises affected by the consequences of the spread of COVID-19.
State financial institutions also responded to the call of the authorities to work in this direction. The Bank of China branch in Hainan Province has started implementing ten measures to support small and microenterprises, allocating 2 billion yuan ($294.1 million) as loans for these purposes, and the Hainan branch of the Transport Bank provided loans for 10 billion yuan ($1.4 billion).
Financial institutions have also developed various innovative financial products. Among them is a "key project loan" from the Bank of China, which provides door-to-door services to enterprises. New mortgage options have also been prepared, including collateral to finance receivables. In the first half of this year, the number of cases of financing accounts receivable in the province increased 14.5 times year-on-year. The integration of communication channels between banks and enterprises in online and offline mode has been carried out.
Official data indicate that the measures taken are yielding concrete results. By the end of June, the total balance of small and microloans in Hainan approached 90 billion yuan ($13.2 billion) - an increase of 26.3% year-on-year. The balance on loans issued to wholesale and retail trade enterprises, as well as catering, amounted to 42.5 billion yuan ($6.2 billion) and 30.3 billion yuan ($4.4 billion) accordingly. On an annual basis, these figures increased by 12.9% and 4.4%, respectively, writes TASS.