China authorities on Monday say they will roll out more financial support to help COVID-19-hit cultural and tourism firms.
According to a guideline released by the People’s Bank of China and the Ministry of Culture and Tourism, it said that Credit services to culture and tourism market players would be boosted by monetary policy tools like re-lending and rediscount.
However, local authorities and banking institutions were urged to offer targeted financing services to firms identified as having difficulty in normal operation.
Meanwhile, the guideline is the Chinese Government’s latest move to keep the economy running within a reasonable range as the culture and tourism sector played an important role in domestic consumption growth.
China saw more than 1.455 billion domestic tourist trips in the first half of 2022 and total domestic tourism revenue reached 1.17 trillion yuan (about 173.3 billion U.S. dollars) during the period.