China ramps up efforts to help small businesses tide over tough time

Visitors wearing face masks taking photos at a park overlooking the Forbidden City in Beijing. China rolled out a raft of measures on Sunday (March 1) to provisionally defer loan payments for small businesses to tide them over the difficulties amid theCovid-19 (coronavirus) outbreak, according to the country's top banking and insurance regulator. - AP

BEIJING: China rolled out a raft of measures on Sunday (March 1) to provisionally defer loan payments for small businesses to tide them over the difficulties amid theCovid-19 (coronavirus) outbreak, according to the country's top banking and insurance regulator.

For virus-striken micro-, small- and medium-sized companies, financial institutions shall defer their loan principal repayments that have matured since Jan 25, said a document released by five central departments including the China Banking and Insurance Regulatory Commission (CBIRC).