Guangdong issued an announcement on maintaining financial services during the epidemic period. The notice included 7 measures about protecting employees' safety, ensuring basic financial services and supporting the prevention and control of the epidemic.
According to the announcement, all financial institutions and enterprises in Guangdong should respond to the first-level public health emergency, strengthening epidemic prevention and control, reducing crowding and providing employees with guidance on health care and self-protection. Basic financial services should also be maintained during epidemic period.
The notice points out that financial institutions should provide support for enterprises greatly affected by the epidemic including wholesalers, lodging and catering, logistics and transportation, and culture and tourism industries. Banks can take measures such as postponing loan payments, lowering interest rates and reducing required interest. Loan companies can lower the companies' operation costs by increasing loan limits, reducing or waiving rents and so on.
All the financial systems in the province should strengthen contingency management, dealing with emergencies in a timely fashion. Local financial departments should make full use of technical methods to conduct risk research and analysis, monitoring public financial risks and avoiding crowding.
Author: Zoey Huang
Editors: Simon Haywood, Steven Yuen