Five authorities including the People's Bank of China and China Banking and Insurance Regulatory Commission released on April 1, 2021 the Circular on Further Extending the Implementation Period of the Policy of Delaying Repayment of Principal and Interest on Loans of Inclusive Small and Micro Firms and the Policy of Supporting Them with Credit Loans, with immediate effect.
According to the Circular, the two policies will be extended until December 31, 2021. For loans of inclusive small and micro firms due from April 1 to December 31, 2021, the firms and banks are allowed negotiate independently to continue the policy of repayment of principal and interest in phases, and the People's Bank of China will continue to give preferential financial support to eligible local legal person banking financial institutions and increase its support to individual industrial and commercial households through monetary policy tools.