China to step up financial support for industries hit by Covid-19 outbreaks

FILE PHOTO: A woman walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020. - Reuters

BEIJING, April 18 (Reuters): China will step up financial support for industries, firms and people affected by Covid-19 outbreaks, the central bank said on Monday, as part of steps to cushion economic slowdown.

Authorities will guide financial institutions to expand lending and surrender profits to the real economy, the People's Bank of China (PBOC) said in a statement on its website.