Coronavirus: China’s talks up economic growth prospects, premier says small businesses must survive

After the worst two months for decades, the People’s Bank of China says economy is expected to make a swift return to its expected growth pattern

Premier Li Keqiang says the government ‘must try all possible ways’ to help small companies to get back on their feet

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China’s economy is on course to make a swift recovery in the second quarter, said central bank deputy governor Chen Yulu. Photo: Xinhua

Published: 7:00pm, 22 Mar 2020Updated: 9:52am, 23 Mar 2020

China’s major economic indicators are expected to rebound sharply in the second quarter, a senior central bank official said on Sunday, after the nation’s premier said earlier that the government will do all it can to ensure small businesses survive the recent downturn.

Chen Yulu, a deputy governor at the People’s Bank of China, said that based on the central bank’s monitoring of payment and settlement data in March, the economy was on course to make a swift return to its expected growth pattern.

Zhou Liang, a vice-chairman of the China Banking and Insurance Regulatory Commission, added that corporate accounts had shown improvement in terms of both cash flow and business activity.

“Transactions in the accounts of small and micro enterprises in early March increased 29 per cent from late February,” he said.

We must try all possible ways to let small businesses and self-employed businesses survive

Li Keqiang

Despite that upbeat assessment, Chinese Premier Li Keqiang said on Friday that many small and medium-sized companies – which are a key component of China’s supply chain – were still struggling to get production back up to speed, and that the government must provide them with additional support.

His comments came during a conference call with government officials sent to help companies resume production after the shutdowns imposed to help contain the coronavirus outbreak.

Coronavirus: China’s talks up economic growth prospects, premier says small businesses must survive

After the worst two months for decades, the People’s Bank of China says economy is expected to make a swift return to its expected growth pattern Premier Li Keqiang says the government ‘must try all possible ways’ to help small companies to get back on their feet

After the worst two months for decades, the People’s Bank of China says economy is expected to make a swift return to its expected growth pattern

Premier Li Keqiang says the government ‘must try all possible ways’ to help small companies to get back on their feet