Shanghai is sweltering under scorching temperatures, with authorities issuing high-temperature alerts as the intense heat has driven up electricity use, ice sales and hospital visits.
Shanghai issued its first red alert for high-temperature this year on August 1, with a second red alert following the next day.
On Friday morning, Shanghai's power grid load surpassed 40 million kilowatts for the first time, setting a new record. Authorities adjusted the high-temperature alert to orange on Sunday morning, with temperatures expected to exceed 37 degrees Celsius in most parts of the city.
In addition to the surge in electricity consumption, there has been increased demand for ice. Workers at the Yuhu Ice Factory in Songjiang District are now working overtime to produce the valuable commodity.
"I make deliveries at least twice a day, sometimes three or four times. I am mainly responsible for deliveries to markets in the Songjiang District, the old city area," said Ye Laiyi, a driver of an ice truck.
According to the ice factory, its daily production exceeds 3,200 blocks, equivalent to over 160 tons. The ice blocks are primarily supplied to supermarkets, seafood markets, vegetable markets and factory workshops.
As the heatwave persists, Shanghai hospitals are experiencing a peak in emergency room visits. Doctors noted that elderly individuals with cardiovascular or respiratory conditions are particularly vulnerable to illnesses during this ongoing period of extreme heat.
"Most of the patients with heart disease, lung infections or chest discomfort are elderly individuals," said Wang Qi, head nurse at the emergency department of a local hospital.
High temperatures spark surge in electric use, ice sales, hospital visits in Shanghai
High temperatures spark surge in electric use, ice sales, hospital visits in Shanghai
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
