China to temporarily lower some regulatory requirement for small banks to boost lending, to extend benefits to migrant workers

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Chinese authority is temporarily relaxing some regulatory requirement for small banks to encourage them increase lending to small businesses. The government also pledged to extend benefits to the country's vulnerable migrant workers as unemployment rises in the coronavirus outbreak.

Mid- and small-sized commercial banks will be temporarily allowed to lower their provision coverage ratios by 20 percentage points in order to strengthen their ability to serve small- and micro-sized companies, according to a statement released after a State Council meeting chaired by Premier Li Keqiang on Tuesday.

"Lowering provision coverage ratio is . . .

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