China to step up support for cultural and tourism recovery

CHINA will step up financial support for the recovery of the cultural and tourism sectors, which have been hit hard by the Covid-19 pandemic, the central bank and the industry’s ministry said in a joint statement on Monday (Jul 25).

The central bank will guide domestic financial institutions to improve credit services to cultural and tourism companies and step up bond issuance for eligible enterprises, and will use more lending tools to reduce funding costs for the cultural and tourism industries, it said.

The government will also take various measures to stabilise employment in the cultural and tourism industries, it added.

Tourism is among the sectors hardest-hit under China’s “dynamic-zero” Covid policy that demands each flare-up be detected and contained as quickly as possible.

The policy has entailed frequent restrictions on movement when outbreaks occur and has led to the temporary shutdown of tourist sites as well as widespread travel disruptions, including flight cancellations. REUTERS