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China to Increase Financial Supports for Post-quake Reconstruction

China's authorities on Wednesday published a guideline for the country's financial institutions, calling for more financial supports and services for the post-quake reconstruction.

The guideline was jointly published by the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission.

It urged financial institutions to increase credit supply to the quake-hit regions, especially to the pillar industries, major infrastructure rebuilding, quake-ravaged enterprises and those concerning farmers, agriculture and rural areas.

According to the guideline, at least 20 billion yuan (US$2.9 billion) would be added to the re-lending quotas for financial institutions in quake regions this year, in a bid to increase lenders' liquidity and support their credit supply to reconstruction work.

To help the quake-ravaged enterprises raise funds, they would be given priority to get approval for the initial public offering (IPO), it said.

It told commercial lenders to cut the mortgage down payment for home buyers in quake regions to 10 percent and set the mortgage rate at 60 percent of the benchmark rate.

It also urged financial institutions to restore client data as soon as possible and make sure the accounts of quake victims were dealt with properly.

The death toll from the May 12 earthquake in Sichuan Province and its neighboring region rose to 69,225 as of Monday noon. Direct economic loss totaled 843.77 billion yuan.

(Xinhua News Agency August 13, 2008)

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