In line with the features of pandemic containment as well as economic and social recovery and development at different stages, the monetary policy was rolled out in a step-by-step manner, with its own underlying logic.
At the outset of the pandemic, the PBC launched RMB300 billion special central bank lending on January 31 to support banks in issuing loans at favorable rates to key enterprises providing medical supplies and daily necessities. With a 50 percent interest subsidy, the actual financing cost for enterprises was fairly low.