Shanghai banking industry aids real economy during pandemic

Shanghai's banking sector has resolutely assisted enterprises to resume work and production amid the COVID-19 crisis with favorable financial offerings.

As of May 31, banking institutions in the city had extended 167.8 billion yuan (US$23.7 billion) in loans for epidemic prevention and control and supported 12,600 enterprises.

For enterprises seriously affected by the epidemic, 38.5 million yuan in principal and interest payments has been reduced. For pandemic-stricken individuals, the repayment of around 64.1 billion yuan loans has been delayed or reduced

Local property and casualty insurance companies paid 1,367 corporate customers affected by the epidemic, with a total payment of 126 million yuan. Among them, 37 property insurers expanded their product liability, involving over 30 million policies.

Eighteen life insurance companies paid 21.8 million yuan to 248 clients with COVID-19 infection.

Meanwhile, banks in Shanghai made multi-party cooperations to stabilize foreign trade and optimize the city’s business environment, with a focus on supporting the resumption of work for small and medium-sized foreign trade enterprises with an export volume below US$30 million.