Companies producing medical supplies and which are "backbone enterprises" providing daily necessities are eligible for the special loans, according to a notice on the Shanghai MIIT's website. One bank's list of firms reviewed by Reuters included 3M Medical Devices and Materials Manufacturing (Shanghai) Co Ltd, Unilever (China) Co Ltd as well as medical supply firms Shanghai Kindly Enterprise Development Group Co Ltd and Tellgen Corp. There is no indication from the list that loans offered will necessarily be sought, or that such firms are in any financial need. Under a similar programme in Beijing, companies sought bank loans totalling at least $8.2 billion, Reuters reported earlier this month. After banks make the loans, they can then claim more funding from the central bank, according to the PBOC's website.

Source: bd News24 February 19, 2020 08:03 UTC