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ICBC Launches “Chunrun Action”, Supporting Work Resumption
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Industrial and Commercial Bank of China launches “Chunrun Action” (“Spring Irrigation Action”) to support work resumption, and boost economic and social development.

ICBC, by developing “Chunrun Action”, is committed to reinforcing the prevention and control of COVID-19, and in the meantime facilitating the economic and social development by supporting sustainable supply chain for large firms and fund injection into small and medium-sized enterprises.

First, financial support shall be constantly extended to the key enterprises involving in the fight against the COVID-19, and the epidemic-hit businesses, meeting their demands for capital. A special team mechanism on credit support shall be established to speed up the building of a customer manager system for key enterprises involving in the battle, where each account will be taken care of by designated customer manager, so as to enhance the ability to offer special services and to make quick response. Support to the epidemic-hit businesses shall be stepped up as well, in which survey, selection and analysis on these businesses will be conducted in advance for timely service preparation and action. In accordance with the resolution of the Executive Meeting of the State Council on Feb 25, ICBC will defer repayments on loan principal for micro, small and medium-sized enterprises with liquidity problems and individual businesses to June 30. During the period, no default interest will be charged, and no loan quality will be reduced. In principal, the lending rates will be lower than status quo. All kinds of enterprises in Hubei province are eligible.

Second, assistance to work resumption shall be offered by category and tier step by step. Seven key fields, namely “five health care fields”, living materials, transportation & logistics, equipment manufacturing, energy & chemicals, telecom operations, foreign trade and foreign investment, will be put on the top priority. Comprehensive financing and services will be delivered to key regions, key projects, and key enterprises at first. A service list shall be developed by the head office and each branch to achieve tiered communication, tiered implementation and tiered problem-solving. A smooth green channel and emergency responding mechanism shall be built to grant loan with prime rates to enterprises in the list, in which the lending tenure and guarantee method shall be set flexible, medium- and long-term loan shall be enlarged, and the percentage of credit loan shall be increased. Key support list shall be determined in batches, updated in a timely manner, and managed in a dynamic way, in view of the specific steps and arrangement of work resumption in different regions. Special credit scale support shall be provided to the key regions on epidemic prevention and control, as well as the sectors, private businesses and small and micro-sized enterprises that are severely hit by the COVID-19.

Third, integrated service and innovation shall be enhanced. The underwriting and investment of local government debt and corporate bonds shall be conducted by applying financial market service comprehensively. Investment banking services shall be innovated to promote equity financing, large M&A, and debt resolving in the capital market at home and abroad. Flexibly using such innovative products as Epidemic-prevention Loan, Employment Loan, and Taxation Loan, combining such activities as “thousands of experts serving SMEs”, “growth plan of tens of thousands of SMEs”, and taking advantage of the integrated services featuring “financing + intelligent + business”, the year-on-year growth rate of inclusive loan shall not be lower than 30 percent, and rates for SMEs shall be reduced compared to the previous year. Challenges on wage payment shall be relieved by online finance, including ICBC e-Wallet, G-B-C linkage, etc..

Fourth, targeted financial service support shall be deployed in advance. Targeting at the deepening reform on emergency management system, public health system, national reserve system, etc., service capacity shall be built up to improve industrial structure, accelerate scientific and technological innovation, and boost regional economic development. According to the changes on consumption, production and transaction in the post-epidemic era, more resources shall be directed into intelligent manufacturing, unmanned delivery, online consumption, health care, and other sector, to boost targeted poverty alleviation, 5G technology, health care, education, senior care, culture, sports, tourism, household security and consumption.

(中国工商银行 2020-03-11)