China’s banking, insurance sector contributes to economic recovery amid epidemic

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(Xin Hua Net)

China’s banking and insurance sector has taken a slew of measures to buoy the recovery of the country’s economy amid COVID-19 disruptions, an official said on Tuesday.

By the end of 2020, outstanding RMB loans increased by 19.6 trillion yuan (about 3.03 trillion U.S. dollars) over the beginning of the year, and 6.6 trillion yuan of loans had been extended, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, at a press conference.

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