BEIJING -- The Export-Import Bank of China (China EximBank) released over 76.3 billion yuan (about $11.85 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 17 billion yuan of such funds in 2020.

The China EximBank is a state-funded and state-owned policy bank dedicated to supporting China's foreign trade, investment and international economic cooperation.