Chinese regions unveil credit support for virus-hit firms

  • Date: 01-Feb-2020
  • Source: Arab News
  • Sector:Technology
  • Country:GCC
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Chinese regions unveil credit support for virus-hit firms

China reported that growth slowed to a near 30-year low of six percent in the fourth quarter. Analysts at Nomura believed the virus outbreak could cut China's first-quarter economic growth by two percentage points. BEIJING/SHANGHAI: Financial regulators in Guangdong province in southern China, Chengdu and Beijing have unveiled detailed measures to support firms hit by the coronavirus outbreak amid worries about a sharper economic slowdown.. The China Banking and Insurance Regulatory Commission (CBIRC) has urged banks not to cut off lending to firms facing difficulties and encouraged banks to reduce loan rates for firms hit by the outbreak.. China's economic growth may drop to five percent or even lower due to the coronavirus outbreak, possibly pushing policymakers to introduce more stimulus measures, a government economist has said.. We believe the PBOC (central bank) may also roll out some targeted credit easing measures, to help corporates and households that are likely to suffer more from the virus outbreak.". The blow - equivalent to the capacity of a large oil refinery - will land mostly on demand for jet fuel in China, both the world's top oil importer and one of the world's fastest-growing aviation markets, as strict travel curbs limit domestic