China extends repayment of 1.3 trillion yuan SME loans

China's financial institutions extended the repayment of principal and interest on loans of 1.3 trillion yuan (about $183 billion) for small businesses from January 25 to May 15, the country's top banking regulator said June 3.

Banks have also provided relending funds of 1.9 trillion yuan to micro-, small- and medium-sized companies hurt by the COVID-19 outbreak, according to a statement on the website of the China Banking and Insurance Regulatory Commission.

In a bid to help small businesses, China has adopted a slew of measures to reduce financing costs, such as letting them delay repayment of principal and interest as well as encouraging lenders to increase credit lines.

In the next step, lenders across the country will allow small businesses to further delay repayment of principal and interest and provide them more comprehensive and targeted financial services, the statement said.