The city of Hohhot – capital city of North China's Inner Mongolia autonomous region – has issued eight measures to boost the resumption of its work, production, business and markets, according to local media reports.

These focus on resolving common problems connected to people returning to work, the shortage of funds, as well as logistics and transportation, among other things.

The notice requires that all financial institutions arrange their business outlets and business hours reasonably, according to the needs of COVID-19 prevention and control work in the city, while they accelerate the resumption of work and production.

Hohhot will take the initiative to contact financial institutions and push for more preferential policies in terms of more progress in loan reviews – as well as improved loan terms, interest rates and more reasonable fees – to ensure that eligible enterprises receive financial support funds as soon as possible.

For small and micro enterprise loans that are due in the fourth quarter of 2022 and are affected by the epidemic, banking financial institutions and borrowers are being encouraged to negotiate a deferral of the principal and interest payments in accordance with market-oriented principles. Deferred loans will normally accrue interest without penalty interest.

Furthermore, the interest rate will be reduced by 1 percentage point (annualized) for existing, newly issued or due-inclusive small and micro loans.

For home buyers whose income has been affected by the epidemic, on the premise of their compliance with the laws and regulations, the personal housing loan repayment plan can be flexibly adjusted.