PBoC steps up funding support for tech development
Central bank sets up a 500 billion yuan re-lending facility for tech firms
The People’s Bank of China (PBoC) said it will set up a 500 billion yuan ($70 billion) re-lending programme to support the country’s science and technology sectors.
The PBoC will issue one-year loans at 1.75% interest to 21 banks to support their lending to technology firms, it announced on April 7. The lenders include China Development Bank, Postal Savings Bank of China, and both joint-stock commercial banks and state-run institutions.
The low-cost loans can be extended twice, for up to a year
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