To conscientiously implement the requirements of the Party Central Committee, the State Council, and the CBIRC on epidemic prevention and control, Shanghai's banking and insurance industries have made epidemic prevention and control their top priority. Under the guidance of the Shanghai CBIRC, they are leveraging their professional advantages to strengthen financial support for epidemic prevention and control, providing financial保障 to win the battle against the epidemic.
1. Cross-border Services Support Cross-border Mobilization of Epidemic Prevention ResourcesIn response to the global procurement needs of numerous enterprises supporting frontline epidemic prevention in China, Shanghai's financial institutions are leveraging cross-border capital allocation advantages to facilitate cross-border payments for epidemic prevention supplies. For example, when Bank of China Shanghai Branch learned that Fosun International faced payment difficulties for 19,000 sets of protective clothing purchased from Indian suppliers, it quickly formulated a solution using the Free Trade Account (FTN) in the Shanghai Free Trade Zone. The entire process of business review, foreign exchange purchase, and payment was completed in just 3 hours on January 28, ensuring timely delivery.
2. Proactive Services Support Credit Needs of Anti-epidemic EnterprisesSpecial credit resources and preferential policies were allocated to meet the urgent funding needs of medical institutions, pharmaceutical enterprises, construction companies, and logistics providers. For example, Shanghai Bank completed loan approvals and disbursements within 24 hours for an epidemic prevention supplies manufacturer, while Bank of Beijing Shanghai Branch introduced special credit products to support micro and small enterprises affected by the epidemic.
3. Compassionate Services Alleviate Concerns of Medical PersonnelFinancial institutions provided preferential services to medical staff, including rent waivers for housing provided by Shanghai Jianrong Housing Service Co., Ltd., and adjusted credit and claim policies. CPIC Property & Casualty Shanghai Branch partnered with the Shanghai Medical Workers' Union to offer special insurance coverage for medical personnel infected with COVID-19.
