China will enhance credit support for infrastructure reconstruction and upgrading in disaster-stricken areas to help people and businesses tide over difficulties, the National Administration of Financial Regulation (NAFR) said on Monday.
Transportation, telecommunication, gas and power supply, water conservation, and water-logging prevention projects will be provided more lending support, the NAFR added.
Sandbags piled at the gate of a resident's house in Anshan City of northeast China's Liaoning Province. Heavy rains hit the city on August 12-13, 2023. /CFP
Banks are encouraged to develop special credit products to help small and micro-companies, individual businesses, farming and breeding enterprises, and rural households in the affected areas, according to the NAFR.
Insurance companies are encouraged to provide long-term capital for key projects in infrastructure and public services, the NAFR said.
It has called on financial institutions across the country to address the needs of those in the disaster-hit areas to mitigate the impact of flooding on social and economic development and people's lives.
(Cover image via CFP)
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