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Banks are instead offering medium-term loans of up to seven years - at significantly higher interest rates than regular loans.

Bai was convicted of taking bribes, embezzlement of public funds, inside trading and leaking of insider information.

Bank of America cut its 2020 economic growth forecast for the US by 0.1 percent on Friday to 1.6 percent. Moody's Analytics now estimates the chances of a recession at 4 in 10, but Capital Economics put the risk at 1 in 10.

Backed by better-than-expected growth, the IMF has revised up its forecast for the fourth time this year, to 6.8 percent this year and 6.5 percent next.

Bank of China Ltd, a large State-owned commercial lender, launched an anti-epidemic section on its mobile banking platform, with a focus on epidemic control and financial activities. It is providing more than 30 types of online services in the section, including searches for real-time information about the epidemic, free online medical consultation, payment of living expenses, investment and wealth management.