Banking institutions in Beijing have responded to a program initiated by the Beijing Municipal Government to boost the local economy by extending a six billion yuan (US$725 million) line of credit to the local enterprises most affected by the severe acute respiratory syndrome(SARS).
The Beijing Commercial Bank, the China Everbright Bank and the Beijing Fanyada Investment Management Company will jointly implement the program, which was co-organized by the Beijing Municipal Commercial Committee and the Beijing Municipal Federation of Industry and Commerce.
The special loans provided by the Beijing Commercial Bank and by China Everbright Bank will be offered mainly to medium- and small-sized enterprises in the fields of catering, recreation, tourism, exhibition, retail sales and transportation, the sectors worst-affected by the SARS epidemic.
The loans also target potential buyers of motor vehicles and homes as well as consumers of household electric appliances, furniture, computers and telecommunications products.
Liang Wei, director of the Beijing Municipal Commercial Committee, called the move an innovation in the city's financial services and a new step in improving local economic development.
(Xinhua News Agency June 1, 2003)
