In order to implement the important instructions of General Secretary Xi Jinping on flood control and disaster relief, and the decisions and arrangements of the Central Committee of the CPC and the State Council, as well as to provide financial support for flood control, disaster relief, and post-disaster reconstruction, the PBOC decided to increase the central bank lending to support rural development and MSBs by RMB100 Billion in 12 provinces (autonomous regions, municipalities), namely, Chongqing, Fujian, Guangdong, Guangxi, Henan, Heilongjiang, Hunan, Jilin, Jiangxi, Liaoning, Shaanxi, and Sichuan. The additional quota will support severely affected areas in their flood control, disaster relief, and post-disaster reconstruction efforts by enhancing credit support for business entities in disaster-stricken regions, especially MSBs, self-employed businesses, as well as for agricultural and breeding enterprises and rural households.
Going forward, the PBOC will urge its branches in relevant provinces (autonomous regions, municipalities) to make full use of the increased quota. Financial institutions will be guided to accurately meet the financing needs for disaster relief and post-disaster reconstruction, streamline procedures, accelerate approvals, ensure the availability of funds for disaster-hit enterprises, and assist these enterprises in resuming production.
