People's Republic of China

(i) No amount/estimate: Reduction of the 1-year medium-term lending facility (MLF) rate and targeted MLF rate by 30 and 20 bps, respectively; (ii) No amount estimate: Reduction of the interest on excess reserves from 72 to 35 bps; (iii) 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 ; (iv) 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; (v) No amount/estimate: 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.

(i) Flexibility in the implementation of the asset management reform; (ii) 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; (iii) No amount/estimate: tolerance for higher NPLs for loans by epidemic-hit sectors and SMEs and reduced NPL provision coverage requirements; (iv) May 15, The PBOC lowered the reserve requirement ratio (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; vii) No amount/estimate: September 30, the PBOC and the and the China Banking and Insurance Regulatory Commission (CBIRC) issued the Notice on Establishing Mechanism of Countercyclical Capital Buffer, which shall come into force as of September 30, 2020. It specifies the provision methods, coverage and evaluation mechanism of countercyclical capital buffer in PRC, on the basis of the country’s reality and by referring to international practices as well as the relevant requirements put forward by the Basel Committee on Banking Supervision (BCBS). In the meantime, in line with current systemic financial risk assessments and pandemic containment needs, it is clarified that the ratio for countercyclical capital buffer shall be initially set at zero and banking financial institutions shall be free from extra capital management requirements; (viii) No amount/estimate: October 23, The central government has rolled out measures to level the playing field for private businesses, including steps to lower operating costs and facilitate their investment in a wide range of sectors. Among the measures is the expanding the financing channels for businesses such as manufacturers that lack tangible assets for collateral. Rather than simply pressuring banks to scale up credit supply to private businesses, the guideline has highlighted the importance of a credit financing mechanism that encourages government departments, public institutions and major internet platforms to share companies' credit information with financial institutions. The guideline also said the scope of collateral for private businesses will be greatly expanded; (ix) No amount/estimate: PRC has established a unified national financing registration system that uses movable property and rights as pledges, which is expected to increase loans for small and medium-sized enterprises and improve the overall business environment.

No amount/estimate: Small enterprises and self-employed businesses may defer CIT payment for the period from 1 May 2020 to 31 December 2020 to the first filing period in 2021

August 8, 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

(i) 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); (ii) July 9, the Ministry of Emergency Management announced an allocation of a total of CNY615 million for disaster relief in regions hit by floods; (iii) 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

(i) 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) 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; (iv) No amount/estimate: October 23, PRC seeks to lower overall production costs and provide an even fairer environment for privately-owned companies in the country with 38 new measures. Six bureaus, including the National Development and Reform Commission, the Ministry of Finance and the People's Bank of China, have collaborated on the document. Specific measures and guidelines in the document include lowering production costs by reducing electric prices for high electric-usage industries by 5 percent. It also standardized and called for lowering the management and service fees at harbors, roads and airports. In addition, it sought to lower the barriers for privately-owned enterprises to move across cities; (v) February 11, 2021, The Export-Import Bank of China (China EximBank) released over CNY76.3 billion of special bailout funds to companies last year. The funding mechanism, established at the beginning of 2020, has aimed to support companies stricken by COVID-19 and trade frictions with a focus on sectors related to foreign trade and manufacturing. As one of the sectors bearing the brunt of the pandemic, the air transport industry saw ten of its major firms receive more than CNY17 billion of such funds in 2020 ; (vi) February 17, 2021, Announcement that last year, the People's Insurance Company Group of China donated more than CNY35 million in epidemic prevention funds and provided about 32,000 enterprises with comprehensive insurance for work and production resumption; (vii) No amount/estimate: March 17, 2021, The Ministry of Finance extended tax breaks for the film industry, businesses involved in pandemic relief, and for charitable donations mean to benefit pandemic relief goals; (viii) May 12, 2021, Government will continue to optimize tax and fee cuts, reduce financing, labor, energy, land costs and implement other measures necessary to create a better business environment. According to the document, the country will extend the duration of value-added tax relief measures for small-scale taxpayers and increase their monthly sales tax threshold from CNY 100,000 ($15,560) to CNY150,000. In addition to the preferential policies already in force, China will halve the income tax for micro and small enterprises and self-employed individuals with annual taxable income of below CNY 1 million. In terms of supporting advanced manufacturing enterprises, the country will continue to implement the policy of granting an extra tax deduction of 75 percent for the research and development costs of enterprises, and raise the same to 100 percent for manufacturing enterprises.

Ii) May 28, 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. The government said expenditure on investment projects will rise by CNY22.4 billion for 2020; (ii) 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; (iii) June 23, estimated at CNY700 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;

April 15, CNY4 trillion to cover 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.

(i) 7 February 2020, USD1 million of additional financing for Strengthening Regional Health Cooperation in the Greater Mekong Subregion; (ii) 20 February 2020, USD18.6 million for the COVID-19 Emergency Response Project; (iii) 30 March 2020, USD20 million for the COVID-19 Emergency Energy Supply Project; (iv) 15 April 2020, USD3.6 million reallocated from the Chongqing Longxi River Basin Integrated Flood and Environmental Risk Management Project to finance purchase of ambulances, medical equipment and personal protection equipment, linked to the broadened disaster risk responses capacity of the project components by extending from flood and pollution emergencies to include public health emergencies; (v) 3 June 2020, USD.07 million technical assistance on Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region; (vi) 13 July 2020, USD0.13 million technical assistance on Addressing Health Threats in the Central, West and East Asia Region; (vii) April 2020 Approval date, January-September 2021 commitment, USD5.96 million in guarantee and USD21.91 million in loans under the Supply Chain Finance Program (As of 5 November 2021) [update]; (viii) 13 November 2020, USD35.4 million loan for the COVID-19 Pharmaceutical Distribution Expansion Project; (ix) 23 November 2020, USD75 million Health Care Finance in Rural Areas for COVID-19 Response Project; (x) 8 December 2020, USD0.60 million for Supporting the High-Quality Growth Agenda Post COVID-19 through Institutional Reforms.

April 3, AIIB's USD355 million Emergency Assistance to PRC's Public Health Infrastructure Project .