China's central bank introduces a 500Bn yuan relending facility at 1.75% for 7,000 tech firms to promote innovation and digitalization.
China's central bank has reported progress on a special relending facility to support sci-tech innovation, technical transformation, and equipment renewal. The People's Bank of China has selected nearly 7,000 eligible firms and recommended them to 21 banks. The facility, worth 500 billion yuan, has a one-year interest rate of 1.75%, and aims to help key sectors become digitalized, smart, advanced, and green.
June 15, 2024
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