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Shanghai, BOC launch dedicated financial service for resumption of work

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

The Shanghai Municipal Commission of Commerce and the Bank of China Shanghai Branch recently strengthened cooperation and jointly launched a dedicated financial service plan to assist enterprises in dealing with the adverse effects of the novel coronavirus epidemic.

I. Supporting objects

Foreign capital, transnational regional headquarters, foreign trade, service trade, foreign investment cooperation, the exhibition industry and other key enterprises in the field of foreign trade and economy.

II. Special credit

The Bank of China Shanghai Branch will provide the first 20 billion yuan ($2.9 billion) of special credit resources, fully support the actual capital needs of enterprises in line with national policies and basic credit conditions, and effectively help enterprises to resume production and market operations. The final approval decisions of the Bank of China shall prevail.

III. Service measures

Give full play to the advantages of the Bank of China in terms of globalization, diversification and specialization, and further consolidate the country's strategy of stabilizing employment, the financial sector, foreign trade, foreign and domestic investments, and expectations. By establishing a dedicated service team, taking the initiative to meet the needs of enterprises, carrying out active credit granting, offering preferential interest rates and other measures, spare no effort to help key enterprises in foreign trade and the economy in Shanghai to cope with the impact of the epidemic, resume production and market operations in a timely manner, expand production and increase capacity.

1. Use Innovative financial service models to help multinational companies resume production and market operations. First, provide a full life cycle of integrated financial services and solutions to the regional headquarters and members of multinational corporations in Shanghai through a leading global presence. Second, provide unified credit granting support for enterprises and their affiliated companies in China, which fits the enterprise's capital management mode. The scope of credit extension is nationwide, and the types of credit extension are not limited to working capital loans, trade financing and letters of guarantee. The guarantee method can be credit at the minimum, so as to effectively guarantee the financing needs of the headquarters and subsidiaries of multinational corporations to resume production and market operations.

2. Relying on the global network, fully support key enterprises in foreign trade, foreign investment and cooperation to resume production and market operations. First, give full play to the traditional advantages of trade finance to ensure the financing needs of foreign trade enterprises. Second, provide enterprises that go global with a comprehensive investment and financing plan covering project consultation, cross-border settlement, capital hedging, project financing, tax optimization and legal advice. Third, coordinate global resources and hold regular cross-border investment promotion meetings and matchmaking meetings to facilitate the global layout and development of "going global" enterprises.

3. Provide efficient services to ensure that key enterprises such as those in the service sector and the exhibition industry resume production and market operations. First, with the help of superior products and services, ensure enterprises in the above key foreign trade areas resume production and market operations smoothly through fund settlement, financing support, online services and other aspects. Second, actively provide financing services for international transport, tourism, cultural trade and other areas that are greatly affected by the epidemic. Third, provide efficient financial services covering the whole process of recruiting and arranging exhibitions for important exhibition activities.

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