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Zhao Kai, boss of a small advertising business in Shanghai, has been struggling to keep afloat in the aftermath of the coronavirus epidemic.
He has had to reduce two full-time employees to half-time work, leaving himself the only one working full time.
“My business hasn’t been very good in the past few years, and then the coronavirus pandemic came along,” Zhao told Shanghai Daily.
To help small businesses like his survive, the People’s Bank of China announced on June 1 that it will start buying up bank loans made by local lenders to small firms to get the loans off their balance sheets and free up as much as 1 trillion yuan (US$140.2 billion) in new lending to small businesses.
Read more in Shanghai Daily
