A panoramic view of Yangquan [Photo/Yangquan Daily]

The city of Yangquan in North China's Shanxi province recently launched 18 financial measures to help local businesses stabilize their economic development.

Various financial services will be provided for industries and market entities that have been greatly affected by the COVID-19 epidemic.

For service industries such as accommodation, catering, wholesale, retail, cultural tourism, and more, as well as enterprises that are facing difficulties due to the epidemic, Yangquan will reduce interest rates and extend loan periods.

For those with flexible jobs such as taxi drivers, online shop owners, and truck drivers, financial institutions are encouraged to increase support in operating loans.

Financial institutions in the city are also encouraged to provide loan extension and renewal arrangements to logistics and transportation enterprises, truck drivers and workers in the express delivery industry who are struggling to repay loans due to the epidemic.

Yangquan will support financial institutions in offering efficient and convenient low-cost financing services to enterprises through special re-loan and re-discount quotas, as well as encourage local branches of national banks to increase support for the scientific and technological development and technological transformation of enterprises through scientific and technological innovation refinancing.

In addition, the city will create a suitable monetary and financial environment for high-quality economic development by taking advantage of monetary policy tools, optimizing the allocation of internal resources and policy arrangements of banks, and increasing support for start-up guaranteed loans.