Beijing ups financial support for epidemic-affected cultural enterprises

Financial institutions in Beijing have increased credit supply and reduced the financing costs of culture, tourism enterprises affected by the novel coronavirus epidemic, as part of the city's measures to help the businesses tide over hard times.

He Tongbao, deputy head of the People's Bank of China (PBOC) Operations Office in Beijing, said the PBOC requires all banks within its jurisdiction to have at least a 15-percent year-on-year increase in both outstanding loans to cultural and related industries as well as the number of borrowers in 2020.

Early recovery, suspension and deferment of loans are not encouraged for cultural enterprises with good prospects but temporarily running into trouble due to the epidemic.

Banks are encouraged to appropriately reduce loan interest rates and commission fees to ease the financial pressure on cultural enterprises.

The Operations Office launched an online filling system of corporate financing needs on Feb 25 and had received submissions from more than 200 enterprises by the end of February, with cultural enterprises accounting for nearly 20 percent.