Chinese banks mobilize efforts to aid global COVID-19 fight

China's banking and insurance institutions have mobilized resources to aid more than 20 countries and regions in their fight against the novel coronavirus disease (COVID-19), an official said.

The Bank of China, for example, has purchased medical supplies totaling 2.25 million pieces including face masks and protective suits to send to more than 10 countries and regions, said Zhou Liang, vice-chairman of the China Banking and Insurance Regulatory Commission.

The Industrial and Commercial Bank of China has previously raised the quota for donations in its Seoul branch to help the Republic of Korea combat COVID-19.

Banking and insurance institutions have played an important role in helping China in its domestic anti-virus fight, donating some 2.7 billion yuan (about $380 million) to the front line while offering favorable loans to help companies resume production, Zhou noted.