Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Hong Kong, China 02 02 - Credit creation HKD 70,400,000,000 9,066,206,488
Hong Kong, China 02A 02A - Financial sector lending/funding HKD
Hong Kong, China 02B 02B - Support policies for long-term lending HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020); Hong Kong Monetary Authority. https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2020/20200330e1.pdf (accessed 15 April 2020).

No amount/estimate: (i) Under the currency board arrangement, the Base Rate was adjusted downward to 1.5% and 0.86% on March 4 and March 16, respectively, according to a pre-set formula, following the downward shifts in the target range for the United States (US) federal funds rate. (ii) The jurisdictional countercyclical capital buffer was reduced further from 2% to 1% on March 16. (iii) The implementation of the various requirements under the Basel III framework have also been deferred.

Hong Kong, China 02C 02C - Loan guarantees HKD 70,400,000,000 9,066,206,488 HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/04/20200418-3/ (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/05/20200529-8/ (accessed 4 May 2020). The Standard. https://www.thestandard.com.hk/section-news/section/2/219763/HK-export-insurer-doubles-credit-limit (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200902/20200902_164321_258.html?type=category&name=covid19 (accessed 4 September 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/09/20200915-7/ (accessed 17 September 2020).

(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100%, 90% and 80% guarantees from authorities. On May 29, authorities announced enhancements to the 80% and 90% guarantee products by raising the maximum loan amounts, extending coverage to listed companies and duration to 12 months; guaranteed loans and new applications are eligible for interest subsidy for up to 12 months. On September 2, the period of application was extended to March 31, 2021. On September 15, the maximum loan amounts were further increased and the repayment period extended from 3 years to 5 years along with a further increase in the total guarantee commitment to HKD70 billion (from the increased HKD50 billion previously and HKD20 billion originally). (ii) June 8, HKG400 million guarantee from the Anti-Epidemic Fund for the 100% Credit Limit Top-Up Scheme where the Hong Kong Export Credit Insurance Corporation increases buyers' credit limits of its policyholders by 100%.

Hong Kong, China 05 05 - Health and income support HKD 298,070,000,000 38,385,854,657
Hong Kong, China 05A 05A - Health support HKD 30,000,000,000 3,863,440,265 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

Establishment of a new Anti-Epidemic Fund (HKD30 billion or 1% of gross domestic product [GDP]) to enhance anti-epidemic facilities and services.

Hong Kong, China 05B 05B - Income support HKD 268,070,000,000 34,522,414,393 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200602/20200602_205003_920.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200701/20200701_103654_754.html?type=category&name=covid19 (accessed 3 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_102820_957.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_182259_512.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200710/20200710_171954_233.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200728/20200728_174801_237.html?type=category&name=covid19 (accessed 14 August 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200916/20200916_144229_043.html?type=category&name=covid19; https://www.news.gov.hk/eng/2020/09/20200921/20200921_121022_367.html?type=category&name=covid19(accessed 24 September 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200925/20200925_151755_190.html?type=category&name=covid19 (accessed 2 October 2020).

(i) Tax and fee reliefs and other one-off relief measures (HKD79.5 billion or 2.8% of GDP); (ii) Cash payout to permanent residents aged 18 or above (HKD71 billion or 2.5% of GDP); (iii) Employment subsidy scheme (HKD80 billion or 2.8% of GDP); (iv) Sector-specific relief measures (HKD21 billion or 0.7% of GDP); (v) Temporary job creation (HKD6 billion or 0.2% of GDP); (vi) cash payouts to permanent residents aged 18 and above (HKD71 billion or 2.5% of GDP). (vii) No amount/estimate: June 2, Introduction of a subsidy scheme for employment agencies that provide foreign domestic helper placement services from the Anti-Epidemic Fund. (viii) June 8, Authorities announced further support for the travel industry by enhancing the Green Lifestyle Local Tour Incentive Scheme (increased funding of HKG50 million) and extending the subsidy initiative for tourist guides (for 6 monyhs until April 27, 2021). (ix) HKD6 billion under the Anti-epidemic Fund to create around 30,000 time-limited jobs in both public and private sectors in the coming two years for people of different skill sets and academic qualifications. (x) July 8, HKD1.02 billion for the Convention & Exhibition Industry Subsidy Scheme under the Anti-epidemic Fund which provides a 50% subsidy for participation fees in exhbitions organized by the the Hong Kong Trade Development Council. (xi) No amount/estimate: July 8, Increased rental concessions for eligible tenants from 50% to 75% through September, extended the measure’s scope to cover more businesses, and provided full rental waivers for businesses that have had to completely cease operations due to anti-epidemic measures during the closure period. (xii) No amount/estimate: July 10, Announced an additional HKD6,000 ex-gratia payment under the Anti-epidemic Fund to public rental housing applicants who have accepted advance allocation offers for Fai Ming Estate in Fanling and Chun Yeung Estate in Fo Tan. (xiii) July 28, Authorities announced a 2-month waiver for public rental housing tenants worth HKD3.5 billion for the months of September 2020 and 2021 along with a 9.66% rent increase. (xiv) September 16, Authorities announced further rent relief and enhanced concessional rates to non-domestic tenements for the third and fourth quarters of 2020-2021. On September 21, the Hong Kong Housing Authority also announced extended rent concessions for non-domestic tenants by another 6 months from October 1. [update] (xv) September 25, Authorities opened applications for salary subsidies for new positions that aim to create 1,500 new jobs in the financial services industry. [update]

Hong Kong, China 09 09 - International Assistance Provided HKD
Hong Kong, China 09A 09A - Swaps HKD
Hong Kong, China 09B 09B - International loans/grants HKD
Hong Kong, China 11 11 - Other Economic Measures HKD
Mongolia 02 02 - Credit creation MNT 347,504,234,118 126,066,338
Mongolia 02A 02A - Financial sector lending/funding MNT 240,000,000,000 87,066,338 Mongolian News Agency. https://montsame.mn/en/read/226090 (accessed 21 May 2020).

May 20, The BOM has decided to implement the 8% interest rate mortgage program with total investment of MNT240 billion. The central bank will provide the fund using the principal's repayment of its mortgage-backed securities, and commercial banks will provide funding of not less than the sum provided by BOM to mortgage loans. The program is expected to run from May 2020 until the end of this year.

Mongolia 02B 02B - Support policies for long-term lending MNT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); Mongolian News Agency. https://montsame.mn/en/read/228302 (accessed 12 June 2020); Bank of Mongolia. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2552 (accessed 16 July 2020); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2600 (accessed 15 September 2020).

No amount/estimate: The BOM (i) reduced the policy rate twice - March 11 by 100 bps to 10% and April 13 by 100 bps to 9%. June 26, BOM announced that it will keep its policy rate unchanged. On September 14, the BOM announced the lowering of its policy rate to 8%; and (ii) narrowed the policy rate corridor to ±1%. March 18, The BOM and the Financial Regulatory Commission implemented temporary financial forbearance measures on prudential requirements, loan classifications, and restructuring standards.

Mongolia 02C 02C - Loan guarantees MNT 107,504,234,118 39,000,000 Asian Development Bank (ADB). https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).

April, Guarantees to support vulnerable businesses amounting to USD39 million.

Mongolia 05 05 - Health and income support MNT 4,838,793,142,824 1,755,400,000
Mongolia 05A 05A - Health support MNT 198,193,703,412 71,900,000 ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).

March, Health sector measures (USD71.9 million).

Mongolia 05B 05B - Income support MNT 4,640,599,439,412 1,683,500,000 ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).

March: (i) Measures supporting citizens (USD154.6 million), which includes (a) Personal Income Tax exemption (USD63.2 million); (b) Job retention allowance (USD18.4 million); (c) Child money program (USD12.4 million); (d) VAT refunds (USD14.4 million); (e) Erdenes Tavan Tolgoi Dividends Payout (USD46.2 million). Erdenes Tavan Tolgoi is a state-owned enterprise where each Mongolian citizen owns a share; (ii) Support to vulnerable businesses and fiscal stimulus measures (USD1,567.9 million), which includes (a) Exemption on social insurance (USD288.2 million); (b) Social insurance penalty exemption (USD4.2 million); (c) Corporate Income Tax exemption (USD10.8 million); (d) Exemption for tax penalties and fines (USD5.4 million); (e) Rental relief (USD7.2 million); (f) Import tax and duties exemption of food products (USD3.6 million); (g) Cashmere sector support (USD118.1 million); (h) Discount on agricultural equipment (USD12.3 million); (i) Capital projects (of which two-thirds does not yet have financing) (USD1,079.1 million).

Mongolia 09 09 - International Assistance Provided MNT
Mongolia 09A 09A - Swaps MNT
Mongolia 09B 09B - International loans/grants MNT
Mongolia 11 11 - Other Economic Measures MNT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 24 July 2020); Mongolian News Agency. https://montsame.mn/en/read/230071 (accessed 2 July 2020).

(i) Feb 13, Temporary suspension of coal exports to the People's Republic of China; (ii) June 30, Re-opening of children playground centers except of PC game centers, summer camps, religious and cultural centers, cinema theatres, snooker centers, and karaokes. However, public protests and mass gathered sports contests will remain prohibited. By reviving the operations, it is expected to keep around 10,000 jobs.

People's Republic of China 02 02 - Credit creation CNY 3,123,500,000,000 445,065,208,267
People's Republic of China 02A 02A - Financial sector lending/funding CNY 1,410,000,000,000 200,909,858,702 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Intellasia. https://www.intellasia.net/coronavirus-china-needs-gdp-growth-of-about-3-per-cent-in-2020-to-meet-job-goals-analysts-say-785701 (accessed 8 June 2020); PBC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4065313/index.html (accessed 6 August 2020); PBC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4078434/index.html (accessed 3 September 2020).

(i) Liquidity injection into the banking system via medium-term lending facility totaling of CNY1 trillion since January of this year ; (ii) June 8, the PBOC, to start buying up to CNY400 billion (US$56.1 billion) of loans that local lenders have provided to small businesses, giving local banks the ability to increase small business lending by as much as CNY1 trillion yuan; (iii) July 30, PBOC conducted a central bank bills swap (CBS) operation on July 30, 2020 in order to improve the liquidity of bank-issued perpetual bonds, support banks to replenish capital through perpetual bond issuance, and enable the financial sector to better serve the real economy. The operation registered RMB5 billion, with a term of three months and a rate of 0.10 percent; (iv) August 27, PBOC conducted a CNY5 billion CBS operation with a term of three months at a rate of 0.10 percent .

People's Republic of China 02B 02B - Support policies for long-term lending CNY 1,713,500,000,000 244,155,349,565 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 May 2020); SCMP. https://www.scmp.com/economy/china-economy/article/3083268/china-coronavirus-stimulus-what-measures-have-been-used (accessed 8 May 2020); Xinhua. http://www.xinhuanet.com/english/2020-02/06/c_138761254.htm (accessed 15 April 2020); The People's Bank of China. http://www.pbc.gov.cn/en/3688110/3688181/4024042/index.html (accessed on 20 May 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202006/19/content_WS5eebf19bc6d0a6946639c58f.html (accessed 19 June 2020); PBOC. http://www.pbc.gov.cn/en/3688229/3688335/3883798/index.html (accessed 24 June 2020); The State The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/02/content_WS5efd1797c6d05a0f89706839.html (accesed 11 July 2020).

(i) Reduction of the 1-year medium-term lending facility (MLF) rate and targeted MLF rate by 30 and 20 bps, respectively; (ii) Reduction of the interest on excess reserves from 72 to 35 bps; (iii) Flexibility in the implementation of the asset management reform; (iv) The PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) allows the sale of coronavirus-relief bonds by financial institutions. China Development Bank issued the first batch of special bonds to fight the virus, equivalent of CNY13.5 billion at 1.65% for the purpose of emergency funding for affected firms; (v) No amount/estimate: tolerance for higher NPLs for loans by epidemic-hit sectors and SMEs and reduced NPL provision coverage requirements ; (iii) May 15, The PBOC lowered the reserve requirement ration (RRR) by 0.5 percentage points, for rural financial institutions and urban commercial banks operating solely within provincial-level administrative regions. This marks the second phase, of RRR reduction for these types of banks, releasing about RMB200 billion of long-term funds; (iv) June 17, The State Council encouraged financial institutions to provide CNY1.5 trillion (about $212 billion) worth of benefits to firms through cuts in interest rates and other methods this year. In order to support such firms, government at all levels have adopted policies like conducting differentiated supervision, increasing credit availability and mitigating loan risks ; (v) No amount/estimate: PBOC announced the Loan Prime Rate (LPR) on June 22, 2020 as follows: the one-year LPR is 3.85% and the above-five-year LPR is 4.65%. The rates are effective until the next release; (vi) The one-year interest rate charged by the PBOC's lending to financial institutions that take deposits - called the re-lending rate - decreased by 0.25 percentage point to 2.25 percent (aimed especially at increasing cheaper credit for agricultural and small firms). The rediscount rate dropped by the same extent to 2 percent. The bank also lowered the interest rates of re-lending for financial stability purposes by 0.5 percentage point to 1.75 percent.

People's Republic of China 02C 02C - Loan guarantees CNY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

No amount/estimate: Increased fiscal support for credit guarantees.

People's Republic of China 05 05 - Health and income support CNY 9,868,675,000,000 1,406,180,212,646 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Xinhuanet. http://www.xinhuanet.com/english/2020-04/03/c_138944267 (accessed 15 April 2020); The State Council The People's Republic of China. http://english.www.gov.cn/premier/news/202005/29/content_WS5ed058d2c6d0b3f0e9498f21.html (accessed 1 June 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/latestreleases/202006/03/content_WS5ed70fc3c6d0b3f0e94997da.html (accessed 19 June 2020); CBRC. http://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=911621&itemId=915 (accessed 24 June 2020); Xinhua Net. http://www.xinhuanet.com/english/2020-07/12/c_139206895.htm (accessed 13 July 2020); Xinhua. http://www.xinhuanet.com/english/2020-07/19/c_139223437.htm (accessed 21 July 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202008/04/content_WS5f28a5ebc6d029c1c2637269.html (accessed 4 Ausgust 2020); China Daily. https://www.chinadaily.com.cn/a/202008/04/WS5f28b5c8a31083481725dfcb.html (accessed 7 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/news/videos/202008/27/content_WS5f47062fc6d0f7257693b200.html (accessed 12 September 2020).

(i) CNY1.60 trillion for local governments' infrastructure projects to boost investment amid slowing economic activity and trade headwinds with the United States funded by increase in the ceiling for special local government bonds of 1.3 percent of GDP. The main buyers of such bonds have been state-owned policy banks; (ii) By the end of April, local governments had given out more than CNY6.5 billion worth of consumer vouchers, essentially government subsidised coupons or discounts that can be spent at designated venues, according to data from 42 cities collated by the Chinese Academy of Social Sciences (CASS); (iii) May 28, announced CNY2 trillion in increase in fiscal deficits and issuance of special treasury bonds worth of CNY1 trillion of which CNY300 billion will be used by local governments for COVID-19 prevention and while the rest to support local governments’ operations. The increase of budget deficits and funds raised from the issuance of government bonds for COVID-19 control will all be channeled to primary-level governments. Companies, especially smaller firms, will truly benefit from these funds, and people who live on social security schemes, subsistence allowance, unemployment benefits, old-age support and those living in difficulties will be able to benefit. CNY4 trillion covers payment relief for enterprises of their contributions to social security schemes, and taps into the balance of the unemployment insurance fund, interest concessions made by state-owned commercial banks, and price reductions in natural monopoly industries to lower enterprises’ operating costs. This money will be primarily used to support jobs, people’s basic living needs and businesses, and sustain household income. The government also said expenditure on investment projects will rise by 22.4 billion yuan for 2020. August 27, PRC released fiscal funds of CNY2 trillion that aim to directly benefit businesses and people, and consolidate the foundation of the country's restorative growth. Nearly CNY300 billion of the total funds had been used to support tax and fee cuts by mid August, while CNY1.674 trillion or 98.5 percent of the remaining 1.7 trillion yuan have been allocated by the central government. Local governments have spent CNY509.7 billion, accounting for 30.5 percent of CNY1.674 trillion in funds ; (ii) No amount/estimate: June 3, Logistics costs will be further reduced to improve the efficiency of logistics, accelerating the recovery of production and the return to normal life following the COVID-19 epidemic, according to a guideline from the National Development and Reform Commission and the Ministry of Transport ; (iii) June 23, estimated at CNY70O million: China Banking Regulatory Commission issued a "Notice on Hubei Province Insurance Legal Institutions and Branches Exempted from Payment of the 2020 Insurance Security Fund." with this exemption, insurance institutions will be able to provide better risk protection and financial support for the economic and social development of Hubei ; (iv) No amount/estimate: June 9, The Ministry of Human Resources and Social Security proposed to increase vocational skills training efforts to increase the number of free online training and open-line training to areas severely affected by the epidemic and to expand the scope of free courses; (v) No amount/estimate: June 17, Increased the subsidy standard for basic public health services per capita to 74 yuan, for the prevention and control of the new coronary pneumonia epidemic situation, to strengthen the grass-roots epidemic prevention and control; (vi) No amount/estimate: June 24, the State Council announced that government will work to further shorten the time required for starting a business and better regulate the charges on businesses from industry bodies and associations, in an effort to lessen corporate burdens and spur their vitality; (vii) July 13, China's National Development and Reform Commission (NDRC) has allocated CNY45.66 billion to boost the capacity for the prevention, control and treatment of diseases; (viii) July 14, the Ministry of Emergency Management announced an allocation of a total of CNY615 million for disaster relief in regions hit by floods; (ix) No amount/estimate: July 30, PRC decided to hand out financial aid to jobless rural workers and other unemployed groups not covered by unemployment insurance, according to the Ministry of Civil Affairs; (x) No amount/estimate: August 5, The State Council has pledged to bolster China's COVID-19 testing capacity and develop technologies that can produce more accurate results more quickly as the country braces for a possible spike in infections in autumn and winter. Improving testing capacity will be a key measure in coordinating epidemic containment and socioeconomic development; (xii) August 12, State Taxation Administration announced PRC's tax and fee cuts totaled over CNY1.5 trillion. The orderly implementation of China's tax and fee cut policies has helped invigorate market entities and strengthen the sustainability of enterprises' development.

People's Republic of China 05A 05A - Health support CNY
People's Republic of China 05B 05B - Income support CNY
People's Republic of China 09 09 - International Assistance Provided CNY 14,246,687,636 2,030,000,000
People's Republic of China 09A 09A - Swaps CNY
People's Republic of China 09B 09B - International loans/grants CNY 14,246,687,636 2,030,000,000 FT. https://www.ft.com/content/054c0575-fa10-4d3e-a2a5-bd5ef388e4af?emailId=5ea20e1642729a000476bb9e&segmentId=60a126e8-df3c-b524-c979-f90bde8a67cd (accessed 1 May 2020); The State Council, The People's Republic of China. http://english.www.gov.cn/news/topnews/202005/18/content_WS5ec2960bc6d0b3f0e9497ec4.html (accessed 20 May 2020); Xinhua. http://www.xinhuanet.com/english/2020-06/18/c_139147085.htm (acccessed 24 June 2020).

(i) USD30 million to support World Health Organization's efforts in combating the global coronavirus pandemic; (ii) President Xi Jinping announced concrete measures to boost global fight against COVID-19 including providing international aid and making the country's COVID-19 vaccine a global public good when available. China will provide $2 billion over two years to help with COVID-19 response and with economic and social development in affected countries, especially developing countries; (iii) No amount/estimate: June 17, within the framework of the Forum on China-Africa Cooperation, PRC annonced that it will cancel the debt of relevant African countries in the form of interest-free government loans that are due to mature by the end of 2020 .

People's Republic of China 11 11 - Other Economic Measures CNY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 June 2020); The State Council, The People's Republic of China. http://www.gov.cn/xinwen/2020-05/16/content_5512106.htm (accessed 20 May 2020); SCMP. https://www.scmp.com/economy/china-economy/article/3085553/china-gdp-beijing-abandons-economic-growth-target-2020-work (22 May 2020); Xinhua Net. http://www.xinhuanet.com/english/2020-07/12/c_139206895.htm (accessed 13 July 2020); The State Council The People's Republic of China. http://english.www.gov.cn/news/pressbriefings/202007/17/content_WS5f11a035c6d00bd0989c61b7.html (accessed 4 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/28/content_WS5f1f7df0c6d029c1c2636cc4.html (accessed 4 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/28/content_WS5f1f883bc6d029c1c2636ce6.html (accessed 4 August 2020).

(i) Restrictions on the investment quota of foreign institutional investors (QFII and RQFII) were removed; (ii) No amount/estimate: Additional financing support for corporates via increased bond issuance by corporates; (iii) Announced that it will make regulatory arrangements for the performance commitment requirements and adjustment of restructuring plans for listed companies that are indeed affected by the epidemic . encouraging lending to SMEs, including uncollateralized SME loans from local banks and raising the target for large banks’ lending growth to micro- and small enterprises from 30 percent to 40 percent; (iv) July 13, The State Council, China's cabinet, has decided to implement more reform measures experimented with at the pilot free trade zones (FTZs) across the nation. It is the sixth batch of measures tested by the pilot FTZs before being implemented in other areas. To be replicated nationwide are measures covering five areas: investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight, and human resources; (v) July 14, The government encourages the private sector to fund transportation infrastructure, and no restrictive threshold shall be set for private investment in this aspect ; (vi) Juy 10, PRC will allow foreign banks to gain access to fund custody business in its market, as part of efforts to further open up the financial sector. Eligible Chinese branches of foreign banks will be able to apply for permits for fund custody business, according to the newly-revised fund custody rules jointly issued by the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission; (vii) July 17, The new regulation on ensuring timely payments to small and medium-sized enterprises, which will go into effect on September 1, which will safeguard the legitimate rights and interests of SMEs, reduce their operational costs and optimize the business environment; (viii) July 28, The State Council has adopted a package of measures to facilitate investment and widen market access to improve the business environment and help counter the economic impact of the COVID-19 pandemic. Key policies include the removal of unreasonable market access barriers in the construction, education, healthcare and sports sectors, improving the efficiency of customs clearance and encouraging the growth of new business models ; (ix) July 28, A new regulation on ensuring timely payments to small and medium-sized enterprises, which will go into effect on Sept 1, will better safeguard legal rights and interests of SMEs and private enterprises that are now having a hard time due to the COVID-19 pandemic and create a fairer business environment, said industry insiders .

Republic of Korea 02 02 - Credit creation KRW 300,000,000,000 245,884,233
Republic of Korea 02A 02A - Financial sector lending/funding KRW IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020). BOK. https://www.bok.or.kr/eng/bbs/B0000308/view.do?nttId=10058185&menuNo=400380&pageIndex=1 (accessed 27 May 2020).
Republic of Korea 02B 02B - Support policies for long-term lending KRW OECD. https://www.oecd.org/coronavirus/en/ (accessed 12 May 2020). FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152204 (accessed 12 May 2020). BOK. https://www.bok.or.kr/eng/bbs/E0000634/view.do?nttId=10058434&menuNo=400069 (accessed 28 May 2020). FSC. http://www.fsc.go.kr/eng/new_press/releases.jsp?menu=01&bbsid=BBS0048 (accessed 14 August 2020).

No amount/estimate: (i) March 17, The BOK lowered the interest rate on the Bank Intermediated Lending Support Facility to 0.25% (from 0.5%-0.75%) and lowered the Base Rate by 50 basis points (bps), from 1.25% to 0.75%. On May 28, the Base Rate was further reduced by 25 bps to a record low 0.5%. (ii) May 6, The Korea Financial Services Commission (FSC) postponed the implementation of margin requirements for non-centrally cleared OTC derivative transactions to help ease compliance burdens on financial institutions amid the COVID 19 crisis. (iii) August 5, The FSC lifted administrative sanctions and granted a 30-day extension on the reporting deadline to companies that applied for sanctions exemptions due to pandemic-related disruptions.

Republic of Korea 02C 02C - Loan guarantees KRW 300,000,000,000 245,884,233 OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).

(i) March 17: The National Assembly approved loans and guarantees for small businesses (Note that the amount is included in (ii.a) of Non-health under Measure 5). (ii) June 19, KRW300 billion in guarantees by the Korea Credit Guaranteee Fund as part of a financial aid package for the auto industry.

Republic of Korea 05 05 - Health and income support KRW 75,100,000,000,000 61,553,019,719
Republic of Korea 05A 05A - Health support KRW 2,100,000,000,000 1,721,189,633 OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 1 May 2020).

(i) March 17, The National Assembly approved the budget of KRW2.1 trillion for disease control, i.e., epidemic prevention and treatment, support for medical institution and quarantined people; (ii) April 14, No amount/estimate: Temporary elimination of import tariffs on surgical and sanitary masks and melt blown filters until June 30, 2020.

Republic of Korea 05B 05B - Income support KRW 73,000,000,000,000 59,831,830,087 OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020). Pulse News. https://pulsenews.co.kr/view.php?year=2020&no=217288 (accessed 29 June 2020). Pulse News. https://pulsenews.co.kr/view.php?year=2019&no=387490 (accessed 29 June 2020). Ministry of SMEs and Startups. https://www.mss.go.kr/site/smba/ex/bbs/View.do?cbIdx=86&bcIdx=1019337&parentSeq=1019337 (accessed 25 June 2020). AHK. https://korea.ahk.de/fileadmin/AHK_Korea/Navigation_menu/News/COVID19/Update_COVID-19_07_07.pdf (accessed 9 July 2020). Nikkei Asian Review. https://asia.nikkei.com/Economy/South-Korea-budgets-6.6bn-for-fourth-round-of-coronavirus-aid#:~:text=SEOUL%20%2D%2D%20South%20Korea%20on,recent%20resurgence%20in%20coronavirus%20cases. (accessed 11 September 2020).

(i) February, The government announced emergency support of KRW20 trillion for households and damaged industries, such as tourism and export industries; (ii) March 2, Reduced taxes on new car purchases for 3 months. On June 5, the measure was extended by another 6 months until end-December 2020. (iii) In March 17: The National Assembly approved (a) loans and guarantees for small businesses, indirect support of wage and rent for small merchants (KRW4.1 trillion), (b) consumption coupons for the poor, emergency family care and employment retention support (KRW3.5 trillion), and (c) support for issuing local gift certificate, local government grants for infection prevention (KRW1.2 trillion); (iv) March 31, The government announced an emergency relief payment plan of KRW9.1 trillion (USD7.4 billion) to address the virus outbreak. The government plans to pay relief checks to households in the bottom 70% income bracket (around 14 million households), of up to KRW1 million (USD820) per household. For this, a second supplementary budget was submitted to the National Assembly and passed on April 30; and (v) No amount/estimate: Some local governments have announced cash support for people (a) Gyeonggi province announced KRW100,000 (USD82) to all residents, and (b) Seoul and Daejeon have a similar plan without specific criteria. (vi) July 3, the National Assembly approved the third supplementary budget worth KRW35.1 trillion with KRW23.7 trillion in new spending and KRW11.4 trillion revenue adjustment and support tax reductions. (vii) September 11, The government drafted a fourth supplementary budget worth KRW7.8 trillion, including cash payments to small businesses and self-employed workers, which will be subject to parliamentary approval.

Republic of Korea 09 09 - International Assistance Provided KRW 9,721,648,145,455 7,968,000,000
Republic of Korea 09A 09A - Swaps KRW 9,233,613,600,000 7,568,000,000 BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx (accessed 11 April 2020).

April 7, USD7.568 billion bilateral currency swap arrrangement with Bank Indonesia.