Shanghai, China's financial hub, and several other eastern Chinese cities have been flooded due to Typhoon Pulasan, and drainage efforts are in full swing.
Pulasan, the 14th typhoon of the year, made its second landfall in Shanghai's Fengxian District at around 21:45 on Thursday after first making landfall earlier that day in Zhejiang Province.
Since midnight on Friday, parts of Shanghai's Pudong New Area have experienced increasingly heavy rainfall, resulting in flooded streets and temporary school closures.
Local authorities have intensified drainage efforts on waterlogged roads and in swamped neighborhoods.
Similarly, in neighboring Jiangsu Province, Rugao, a county-level city, was hit by a downpour from 7:00 to 17:00 on Friday. By 18:00, local firefighters had responded to more than 60 cases, carrying out drainage and rescue operations.
Typhoon Pulasan deluges eastern Chinese cities
Typhoon Pulasan deluges eastern Chinese cities
Typhoon Pulasan deluges eastern Chinese cities
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
