‘China to support trade finance, consumer credit to boost economy’
BEIJING: China will encourage banks to offer more trade finance and also issue more consumer credit, said an official with the banking regulator on Sunday, in a bid to help the world’s No. 2 economy recover from the impact of the coronavirus outbreak.
Foreign trade is facing “relatively large difficulties”, Ye Yuanfei, policy research official at the China Banking and Insurance Regulatory Commission (CBIRC) told a press briefing on Sunday, with the epidemic yet to be contained around the world.
The regulator will encourage banks step up the financing of trade to help stabilize the situation, he said. Ye also called for banks to use consumer credit to support consumption, which has taken a huge hit following efforts to curb the spread of the disease. – Reuters