Video PlayerClose BEIJING, July 21 (Xinhua) — Sensheng, a plastics manufacturer based in the city of Taizhou in east China’s Zhejiang Province, was on the verge of letting go around 20 percent of its staff to pay back a 3-million-yuan (about 429,418 U.S. dollars) loan that was about to be overdue, when its lender, Taizhou Bank, came to its rescue. Under the bank’s new policy designed to buffer epidemic impact, the firm will be able to renew the loan without having to pay back the 3-million-yuan principal, as long as it promises to spend the funds on business operation and keep its employees on the payroll. Sensheng is just one of many Chinese companies craving funds to keep their businesses going as the epidemic dampened demand and slowed production. A central bank survey showed that credit demand in over 300 cities across China has climbed, resulting in more loans drawn by early July than the same period last year. The country’s financial system has had to think outside the box to figure out who needs help and, given the epidemic-induced hardship for companies, what could be done to help them access life-saving funds. REACHING OUT Banks have taken measures to… Read full this story
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