Chinese Premier Li Keqiang chaired a State Council executive meeting on December 21, 2020. The meeting decided to continue the policies of allowing small and micro-sized businesses to postpone principal and interest repayments on inclusive loans, and the inclusive credit loan support program.
The meeting pointed out that small and micro-sized firms will be permitted to postpone principal and interest repayments on inclusive loans in the first quarter of next year, and the policy period will be extended as appropriate. Incentives will be put in place for local banks that provide inclusive loans for micro and small enterprises with a deferred repayment period of no less than six months. The incentives will remain at 1 percent of the loan principal. Meanwhile, the inclusive credit loan support programme will be extended from the end of this year as appropriate. Local banks that provide credit loans for micro and small enterprises will be given incentives at 40% of the loan principal.
The meeting also adopted the Regulation for Preventing and Handling Illegal Fundraising (Draft) and the Regulation on the Supervision and Administration of Medical Device (Revision Draft).