Hechi disburses more than $65m in loans to 25 companies

In order to help enterprises reduce the impact of the novel coronavirus (COVID-19) pandemic, Hechi, Guangxi Zhuang autonomous region held a financing matchmaking event on Aug 28 to issue loans to stabilize their development.

A total of 10 banks and financial institutions in Hechi, including Agricultural Development Bank's Hechi Branch, Industrial and Commercial Bank of China's (ICBC) Hechi Branch, Agricultural Bank's Hechi Branch, and Yizhou Rural Cooperative Bank, issued a total of 462 million yuan ($67.43 million) in loans to 25 companies.

Since the beginning of this year, Hechi's financial system has implemented preferential policies, as well as favorable measures at the autonomous region and the city level to support the resumption and production of enterprises. It has provided high-quality financial services to enterprises with lower interest rates and wide coverage.

According to statistics from the People's Bank of China, as of Aug 21, Hechi's financial institutions had provided financial support to 21,261 market entities, with a loan balance of 46.14 billion yuan. Since 2020, a total of 16.05 billion yuan has been issued, including 1.65 billion yuan in credit loans. The city has also supported 1,209 companies through deferred repayment of principal and interest, involving a loan amount of 4.36 billion yuan.