• Daily Illinois
  • About
  • Contact
  • Privacy
  • Terms
  • DMCA
  • Sitemap
  • Write For Us
Saturday, June 25, 2022
Daily illinois - USA | News, Sports & Updates Web Magazine
  • Covid-19
  • News
    • All
    • Business
    • Education
    • Politics
    • Sports
    • World

    England v New Zealand: third Test, day three – live! | England v New Zealand 2022

    5 Transformative Steps To Digitize Your Business

    5 Transformative Steps To Digitize Your Business

    Nicolas Paz, owner of AZ-T-CA, responds to theft allegations | News

    Nicolas Paz, owner of AZ-T-CA, responds to theft allegations | News

    Man sits in his office.

    Inside a Texas abortion clinic after the Supreme Court overturns Roe

    Steve Clifford agrees to return as Charlotte Hornets coach

    Steve Clifford agrees to return as Charlotte Hornets coach

    US repatriates Gitmo prisoner back to Afghanistan after court ruled he was detained unlawfully

    US repatriates Gitmo prisoner back to Afghanistan after court ruled he was detained unlawfully

    How To Spot The Differences Between Growth Marketing And Traditional Marketing

    How To Spot The Differences Between Growth Marketing And Traditional Marketing

    Know the Costs of Being a Founder Before Taking the Plunge

    Know the Costs of Being a Founder Before Taking the Plunge

    Best Ways To Cut Business Expenses Without Compromising Quality

    Best Ways To Cut Business Expenses Without Compromising Quality

    COVID Vaccines Saved Nearly 20 Million Lives In 1st Year, Scientists Say

    COVID Vaccines Saved Nearly 20 Million Lives In 1st Year, Scientists Say

  • Science & Tech
    • All
    • Ai - Artificial Intelligence
    • Apps
    • Mobile
    Everything you need to know about model-free and model-based reinforcement learning

    Everything you need to know about model-free and model-based reinforcement learning

    "It's a cookbook?!"

    How to get started with machine learning and AI

    Talk therapy apps face new questions about data collection from senators

    Talk therapy apps face new questions about data collection from senators

    IKEA’s new iPhone app can delete and replace your old furniture

    IKEA’s new iPhone app can delete and replace your old furniture

    CDC recommends COVID-19 vaccines for children as young as 6 months

    CDC recommends COVID-19 vaccines for children as young as 6 months

    Xuetong-responds-to-170-million-suspected-data-leakage

    Xuetong responds to 170 million suspected data leakage

    Passengers make their way to the security checkpoint at the John F. Kennedy airport in New York City.

    Artificial intelligence technology can secure sites by scanning major venues for weapons

    FILE - This Feb. 25, 2020, file photo, shows the icon for TikTok in New York.   President Donald Trump will order China’s ByteDance to sell its hit video app TikTok because of national-security concerns, according to reports published Friday, July 31, 2020. "We are looking at TikTok," Trump told reporters Friday at the White House. "We may be banning TikTok." (AP Photo/File)

    China accessed data of US TikTok users repeatedly, report says

    What fruits can you eat on keto?

    What fruits can you eat on keto?

    Trend Micro's Antivirus for Mac app helps stop malware and block web threats (25% off)

    Trend Micro’s Antivirus for Mac app helps stop malware and block web threats (25% off)

  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Geena Davis looks to the future as 'A League of Their Own' turns 30

    Geena Davis looks to the future as ‘A League of Their Own’ turns 30

    'Black Phone' explained: Real life killer, memories fuel adaptation

    ‘Black Phone’ explained: Real life killer, memories fuel adaptation

    A man with blond hair poses in a leather jacket

    How Austin Butler transformed into Elvis for true story

    Roe is gone. What do Democrats do now?

    Roe is gone. What do Democrats do now?

    Billie Eilish Says She Used A Decoy Look-A-Like During 2022 Coachella Performance

    Billie Eilish Says She Used A Decoy Look-A-Like During 2022 Coachella Performance

    Kevin Hart and Ellen Barkin in “The Man From Toronto”

    ‘Man From Toronto’ review: Hart, Harrelson in Netflix dud

    An actor portraying the young Elvis Presley.

    It’s 2022. Does Elvis Presley still matter?

    Celebs who got married over the age of 50

    Celebs who got married over the age of 50

    The Supreme Court could upend blue state gun reforms

    The Supreme Court could upend blue state gun reforms

    Three people in white robes in front of a table of food and two microphones

    ‘Flux Gourmet’ review: Wicked satire with food, poop, orgies

    • F95zone
  • Lifestyle
    • All
    • Fashion
    • Food
    • Travel
    Charlize Theron and Sheryl Lee Ralph

    Sheryl Lee Ralph, Charlize Theron to be honored at Elizabeth Taylor Ball to End AIDS – New York Daily News

    Can you guess the celebs in these pictures?

    Can you guess the celebs in these pictures?

    The world's most liveable cities for 2022

    The world’s most liveable cities for 2022

    Image may contain: Clothing, Footwear, Apparel, Shoe, and Sneaker

    28 Best White Sneakers & Shoes For Men in 2022: Leather, Canvas, Casual, and More

    Safe Food on the Table Starts With Early Contamination Mitigation

    Safe Food on the Table Starts With Early Contamination Mitigation

    Vanessa Acosta outside the Metro station at Mariachi Plaza in Boyle Heights.

    LA Cool Girl backlash revives gentrification debate on TikTok

    President Joe Biden speaks about gas prices in the South Court Auditorium on the White House campus, Wednesday, June 22, 2022, in Washington.

    CNN, ABC, MSNBC, CBS journos hype Biden gas tax holiday, now claim president can affect prices: ‘No-brainer’

    Tourists don't always understand that Seattle has sunny seasons too.

    Mistakes Tourists Make While Visiting Seattle

    7 Latina-Owned Secondhand Shops That Promote Sustainability

    7 Latina-Owned Secondhand Shops That Promote Sustainability

    Ragu alla Bolognese with Nattō Recipe

    Ragu alla Bolognese with Nattō Recipe

33 °f
Chicago
35 ° Sat
35 ° Sun
35 ° Mon
37 ° Tue
No Result
View All Result
Daily illinois - USA | News, Sports & Updates Web Magazine
  • Covid-19
  • News
    • All
    • Business
    • Education
    • Politics
    • Sports
    • World

    England v New Zealand: third Test, day three – live! | England v New Zealand 2022

    5 Transformative Steps To Digitize Your Business

    5 Transformative Steps To Digitize Your Business

    Nicolas Paz, owner of AZ-T-CA, responds to theft allegations | News

    Nicolas Paz, owner of AZ-T-CA, responds to theft allegations | News

    Man sits in his office.

    Inside a Texas abortion clinic after the Supreme Court overturns Roe

    Steve Clifford agrees to return as Charlotte Hornets coach

    Steve Clifford agrees to return as Charlotte Hornets coach

    US repatriates Gitmo prisoner back to Afghanistan after court ruled he was detained unlawfully

    US repatriates Gitmo prisoner back to Afghanistan after court ruled he was detained unlawfully

    How To Spot The Differences Between Growth Marketing And Traditional Marketing

    How To Spot The Differences Between Growth Marketing And Traditional Marketing

    Know the Costs of Being a Founder Before Taking the Plunge

    Know the Costs of Being a Founder Before Taking the Plunge

    Best Ways To Cut Business Expenses Without Compromising Quality

    Best Ways To Cut Business Expenses Without Compromising Quality

    COVID Vaccines Saved Nearly 20 Million Lives In 1st Year, Scientists Say

    COVID Vaccines Saved Nearly 20 Million Lives In 1st Year, Scientists Say

  • Science & Tech
    • All
    • Ai - Artificial Intelligence
    • Apps
    • Mobile
    Everything you need to know about model-free and model-based reinforcement learning

    Everything you need to know about model-free and model-based reinforcement learning

    "It's a cookbook?!"

    How to get started with machine learning and AI

    Talk therapy apps face new questions about data collection from senators

    Talk therapy apps face new questions about data collection from senators

    IKEA’s new iPhone app can delete and replace your old furniture

    IKEA’s new iPhone app can delete and replace your old furniture

    CDC recommends COVID-19 vaccines for children as young as 6 months

    CDC recommends COVID-19 vaccines for children as young as 6 months

    Xuetong-responds-to-170-million-suspected-data-leakage

    Xuetong responds to 170 million suspected data leakage

    Passengers make their way to the security checkpoint at the John F. Kennedy airport in New York City.

    Artificial intelligence technology can secure sites by scanning major venues for weapons

    FILE - This Feb. 25, 2020, file photo, shows the icon for TikTok in New York.   President Donald Trump will order China’s ByteDance to sell its hit video app TikTok because of national-security concerns, according to reports published Friday, July 31, 2020. "We are looking at TikTok," Trump told reporters Friday at the White House. "We may be banning TikTok." (AP Photo/File)

    China accessed data of US TikTok users repeatedly, report says

    What fruits can you eat on keto?

    What fruits can you eat on keto?

    Trend Micro's Antivirus for Mac app helps stop malware and block web threats (25% off)

    Trend Micro’s Antivirus for Mac app helps stop malware and block web threats (25% off)

  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Geena Davis looks to the future as 'A League of Their Own' turns 30

    Geena Davis looks to the future as ‘A League of Their Own’ turns 30

    'Black Phone' explained: Real life killer, memories fuel adaptation

    ‘Black Phone’ explained: Real life killer, memories fuel adaptation

    A man with blond hair poses in a leather jacket

    How Austin Butler transformed into Elvis for true story

    Roe is gone. What do Democrats do now?

    Roe is gone. What do Democrats do now?

    Billie Eilish Says She Used A Decoy Look-A-Like During 2022 Coachella Performance

    Billie Eilish Says She Used A Decoy Look-A-Like During 2022 Coachella Performance

    Kevin Hart and Ellen Barkin in “The Man From Toronto”

    ‘Man From Toronto’ review: Hart, Harrelson in Netflix dud

    An actor portraying the young Elvis Presley.

    It’s 2022. Does Elvis Presley still matter?

    Celebs who got married over the age of 50

    Celebs who got married over the age of 50

    The Supreme Court could upend blue state gun reforms

    The Supreme Court could upend blue state gun reforms

    Three people in white robes in front of a table of food and two microphones

    ‘Flux Gourmet’ review: Wicked satire with food, poop, orgies

    • F95zone
  • Lifestyle
    • All
    • Fashion
    • Food
    • Travel
    Charlize Theron and Sheryl Lee Ralph

    Sheryl Lee Ralph, Charlize Theron to be honored at Elizabeth Taylor Ball to End AIDS – New York Daily News

    Can you guess the celebs in these pictures?

    Can you guess the celebs in these pictures?

    The world's most liveable cities for 2022

    The world’s most liveable cities for 2022

    Image may contain: Clothing, Footwear, Apparel, Shoe, and Sneaker

    28 Best White Sneakers & Shoes For Men in 2022: Leather, Canvas, Casual, and More

    Safe Food on the Table Starts With Early Contamination Mitigation

    Safe Food on the Table Starts With Early Contamination Mitigation

    Vanessa Acosta outside the Metro station at Mariachi Plaza in Boyle Heights.

    LA Cool Girl backlash revives gentrification debate on TikTok

    President Joe Biden speaks about gas prices in the South Court Auditorium on the White House campus, Wednesday, June 22, 2022, in Washington.

    CNN, ABC, MSNBC, CBS journos hype Biden gas tax holiday, now claim president can affect prices: ‘No-brainer’

    Tourists don't always understand that Seattle has sunny seasons too.

    Mistakes Tourists Make While Visiting Seattle

    7 Latina-Owned Secondhand Shops That Promote Sustainability

    7 Latina-Owned Secondhand Shops That Promote Sustainability

    Ragu alla Bolognese with Nattō Recipe

    Ragu alla Bolognese with Nattō Recipe

33 °f
Chicago
35 ° Sat
35 ° Sun
35 ° Mon
37 ° Tue
No Result
View All Result
Daily illinois - USA | News, Sports & Updates Web Magazine
No Result
View All Result
Home News World

China extends stimulus measures for small businesses — a sign the recovery is not yet complete

by Staff Writer
December 23, 2020
in World
Reading Time: 3 mins read
0
China extends stimulus measures for small businesses — a sign the recovery is not yet complete
492
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

A man wearing a face mask rides a bicycle, as the country is hit by an outbreak of the novel coronavirus, in Beijing, China February 12, 2020.

Carlos Garcia | Reuters

BEIJING — China is extending support measures for the country’s smallest businesses, a signal that full economic recovery from the shock of the coronavirus pandemic still faces many uncertainties.

The central government announced a slew of policies during the height of the outbreak domestically to support the economy, particularly loans for privately owned, smaller businesses. These entities contribute to the majority of growth and jobs in China, but often find it harder than state-owned enterprises to get loans from banks, which are primarily state-owned as well.

China’s top executive body, the State Council, announced late Tuesday that small and micro-sized enterprises can defer loan repayments past the first quarter of next year as needed. Banks lending to these small businesses with government help for 40% of such loans can now keep that support beyond the end of this year as appropriate, according to a government statement.

“Right now the economy is gradually returning to normal, but more support is still needed (given) small and micro-sized enterprises’ production and operations face unique challenges,” the statement said, according to a CNBC translation of the Chinese text. Authorities noted past policies already helped more than 3.1 million small businesses.

The fact the government has to put out these policies indicates there are still challenges within the economy, said Nicholas Zhu, vice president and senior credit officer at Moody’s Investor Service.

After Covid-19 emerged late last year in the Chinese city of Wuhan, authorities shut down more than half of the country in February in an effort to control the outbreak. GDP contracted by 6.8% in the first quarter, before returning to growth in the second.

China’s gross domestic product grew 0.7% for the first three quarters of the year, putting the country on pace to be the only major economy to expand this year in the wake of the pandemic.

The official, although highly doubted, urban unemployment rate fell to 5.2% in November, in line with that of the same period a year ago.

This year, China hasn’t experienced large-scale bankruptcies and most people have stayed employed, pointed out Liu Xiangdong, deputy director of the economic research department at the Beijing-based China Center for International Economic Exchanges.

“But for small, medium and micro-sized enterprises, uncertainties still exist. If the economy takes a turn, they won’t be able to hold up,” Liu said, according to a CNBC translation of his Mandarin-language remarks.

He noted the smallest businesses are in the services industry, which has taken longer to recover from the pandemic.

Sporadic cases in various cities since the broader halt of the domestic outbreak in March have prompted mass testing or occasional renewal of restrictions on business activities, mostly related to consumers and services. Many people are spending less amid uncertainty about income. As of the end of November, retail sales were still down 4.8% from a year ago.

More risks for Chinese banks

The question, analysts said, is when authorities should appropriately remove economic support, especially given the persistent spread of the coronavirus in the U.S., U.K. and Europe.

Last week, at an annual meeting for determining the upcoming year’s development priorities, Chinese leaders were generally optimistic, while noting the economic recovery was not fully intact, and that there would be no sudden change in support.

Government policy this year has helped, although not dramatically, Zhu said. The overwhelming majority of small businesses did not take advantage of deferred repayment policies, he said, citing Moody’s conversations with banks.

However, such increased involvement with smaller, typically riskier, businesses means Moody’s has a negative outlook on Chinese banks, given the risk of default and the high level of new bad, or non-performing, loans.

Related posts

US repatriates Gitmo prisoner back to Afghanistan after court ruled he was detained unlawfully

US repatriates Gitmo prisoner back to Afghanistan after court ruled he was detained unlawfully

June 25, 2022
Double blow for UK's Boris Johnson as he loses two key by-elections

Double blow for UK’s Boris Johnson as he loses two key by-elections

June 24, 2022

Source by www.cnbc.com

Related

Tags: Asia EconomyBanksbusiness newsSmall business
Share197Tweet123Share49

Latest News - Daily illinois

England v New Zealand: third Test, day three – live! | England v New Zealand 2022

June 25, 2022
5 Transformative Steps To Digitize Your Business

5 Transformative Steps To Digitize Your Business

June 25, 2022
Nicolas Paz, owner of AZ-T-CA, responds to theft allegations | News

Nicolas Paz, owner of AZ-T-CA, responds to theft allegations | News

June 25, 2022
Ukraine’s Coal Miners Struggle While Russia Bombs From Above

Ukraine’s Coal Miners Struggle While Russia Bombs From Above

June 25, 2022
Geena Davis looks to the future as 'A League of Their Own' turns 30

Geena Davis looks to the future as ‘A League of Their Own’ turns 30

June 25, 2022
'Black Phone' explained: Real life killer, memories fuel adaptation

‘Black Phone’ explained: Real life killer, memories fuel adaptation

June 25, 2022
A man with blond hair poses in a leather jacket

How Austin Butler transformed into Elvis for true story

June 25, 2022
Roe is gone. What do Democrats do now?

Roe is gone. What do Democrats do now?

June 25, 2022
Daily illinois - USA | News, Sports & Updates Web Magazine

Copyright © 2020 Dailyillinois.com.

Navigate Site

  • Daily Illinois
  • About
  • Contact
  • Privacy
  • Terms
  • DMCA
  • Sitemap
  • Write For Us

Follow Us

No Result
View All Result
  • About Us Page
  • Contact
  • Daily illinois
  • DMCA Policy
  • Privacy Policy
  • Submit, Guest Post, Write For Us and Become a Contributor
  • Terms of Use

Copyright © 2020 Dailyillinois.com.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.