China's central bank earmarks $4.9B for disaster-hit small, micro-sized enterprises

China's central bank earmarks $4.9B for disaster-hit small, micro-sized enterprises

New loans to commercial banks also to benefit rural areas affected by recent typhoon-related rainfall, floods

By Gokhan Ergocun

ISTANBUL (AA) — The People's Bank of China will provide 35 billion yuan ($4.9 billion) in loans to support small and micro-sized enterprises, as well as rural areas, affected by natural disasters.

The funds will be provided through commercial lenders, the state-run Xinhua reported on Wednesday.

Six regions will benefit from the loan package, including the municipalities of Beijing and the southwestern city of Chongqing, as well as Hebei, Heilongjiang, Jilin, and Fujian provinces.

Extreme typhoon rains has recently affected many parts of China, causing severe floods, casualties, and property damages.

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