China to offer more financial support for flood-hit areas

China's banking and insurance regulator on Saturday announced measures to further increase credit and lending support and insurance protection for areas that suffered from recent floods. The China Banking and Insurance Regulatory Commission (CBIRC) said in a statement that financial institutions in the flood-hit areas cannot blindly withdraw, delay or cut credit lines to the companies who have good development prospects but whose operations were suspended by the floods. The regulator also encouraged financial institutions to lower lending rates appropriately and improve their loan extension policy to help relevant companies to tide over difficulties.

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