Banks in Rugao, a county-level city in Nantong, have been working full-throttle to help local small and micro-sized firms resume operations since the beginning of the novel coronavirus outbreak, local media reported on April 15.

As of March 31, 20 banks across the city have lent 28.68 billion yuan ($4.06 billion) to small and micro-sized firms and waived 52.48 million yuan in interest and other charges for 508 companies.

In addition to 12 measures implemented by the Nantong government to support local businesses, financial institutions have also introduced a series of preferential policies to help locals cope with the difficult times.

The city's financial regulation administration has also worked with the Rugao branch of the People's Bank of China to ensure that all policies are strictly implemented. 

They are making full use of big data technology, integrating relevant information from market regulation and taxation departments into a comprehensive service platform. Official WeChat accounts and other social media have helped promote and explain the policies to companies, and a monitoring system and service hotlines have been set up to provide targeted assistance.