Xinjiang offers over 20 bln USD loans for virus-hit companies

The banking sector of northwest China's Xinjiang Uygur Autonomous Region has offered loans of nearly 145 billion yuan (about 20.6 billion U.S. dollars) to companies affected by the novel coronavirus to help them accelerate their resumption of work.

Financial institutions in the region have also stepped up efforts, including creating new financial products by taking advantage of online platforms to support work resumption and epidemic control, as well as opening green channels for firms and speeding up loan approval procedures.

Statistics showed that, by the end of last year, Xinjiang had more than 330,000 micro, small and medium-sized enterprises, accounting for over 99 percent of the total number of enterprises across the region, and the employees accounted for about 80 percent of all employees in enterprises in the region.

Xinjiang has rolled out a series of policies to increase financial support for small, medium and micro-sized enterprises, to help them resume work and production.