Shanghai, BOC launch dedicated financial service for resumption of work

en.sww.sh.gov.cn | Updated:Mar 5, 2020

4. Support supply chains and key enterprises upstream and downstream to resume production and market operations. First, fully support these key enterprises to resume production and market operations and open up the production supply chain. For micro, small and medium-sized enterprises in the upstream and downstream of the supply chain that meet the requirements, carry out operation of no repayment of loans through products. Second, through online services, provide small and medium-sized enterprises in the upstream and downstream of the supply chain with 24/7 real-time online measurement, online financing pre-credit support, online repayments, and multi-product and multi-currency financing support.

5. Support special funds to reduce enterprise financing costs. First, the stock credit business of enterprises with difficulties in resuming construction, production and market operations will not be extracted, pressed or cut off. Second, set up special funds for enterprises with difficulties in resuming construction, production and market operations, provide relatively cheap funding for eligible enterprises, control enterprise financing costs. For foreign-funded, foreign trade, micro, small, medium-sized enterprises affected by the epidemic, ensure financing costs are in principle no higher than the same period in 2019. National and local epidemic prevention and control key enterprises can receive further discounts on this basis according to the enterprise situation.

6. Open up a green channel for enterprises' resumption of production and market operations, and improve the efficiency of financial services. First, build a green approval channel for enterprises to resume production and market operations, adhere to the principle of "give priority to receiving and distributing" for customer credit needs, and provide timely and fast financing for enterprises. Second, provide a green channel for enterprises' goods procurement, cross-border receipts and payments and other cross-border settlements, to ensure the efficiency of capital receipts and payments.

7. Give full play to the advantages of financial technology in improving the efficiency of enterprises to resume production and market operations. Provide an online service platform for enterprises to improve the efficiency of resuming production and market operations. Use online banking and mobile banking, online settlement and sale of foreign exchange, electronic document settlement and financing, cross-border online remittance, online supply chain financing and other online products of the Bank of China to provide customers with a smart banking service system.

IV. Work requirements

1. Municipal and district commercial departments shall provide a list of key foreign trade and economic cooperation enterprises to the Bank of China Shanghai Branch and its affiliated institutions at an appropriate time. The Bank of China Shanghai Branch and its affiliated institutions shall provide green service channels of credit and settlement for the listed enterprises, and provide timely feedback of service information to the local competent commercial authorities on a regular basis.

2. Enterprises on the list can apply for services to the Bank of China Shanghai Branch and its affiliated institutions. The bank will complete an emergency response within 24 hours.

3. The Bank of China Shanghai Branch and its affiliated institutions shall take the initiative to cooperate with the local competent commercial authorities and key enterprises, provide professional financial service plans, and conduct investigations and reports on enterprises in need of funds.

4. The Bank of China Shanghai Branch will speed up approval and lending procedures for eligible credit projects in accordance with the internal risk approval process and market principles, and increase credit support for key enterprises in foreign trade and economic cooperation to resume production and market operations.

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