SHANGHAI, Feb 6 — China’s President Xi Jinping is enlisting the state-dominated financial sector in a war against a virus outbreak that has killed more than 500, mobilising lenders, brokerages and fund managers to pump resources into stricken parts of the economy. Answering Beijing’s call,...
China’s President Xi Jinping is enlisting the state-dominated financial sector in a war against a virus outbreak that has killed more than 500, mobilising lenders, brokerages and fund managers to pump resources into stricken parts of the economy. — AFP pic
Concerted efforts to rein in the virus that emerged late last year in the central city of Wuhan highlight the centralized power the ruling Communist Party wields in a sector dominated by state-owned companies. “It’s like receiving charcoal on a snowy day,” the company, whose operations were wrecked by the epidemic, said on its website.
Regulators have also asked banks to inject cheap funds into virus-stricken areas, and not to withdraw loans from companies suffering the impact. Sectors such as tourism, transport and leisure are the worst-hit. A loan officer at Bank of China promised special treatment for those defaulting because of virus fallout, saying the central bank would cap interest on loans to firms with operations critical to beating the virus, such as makers of masks and drugs.But the orchestrated support also triggered concerns of moral hazard among some.
Regulators have told major mutual fund companies and insurers not to cut net equity positions this week, and urged brokerages to limit short-selling activities by clients, said sources who sought anonymity.
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