The People's Bank of China (PBOC) will facilitate loans through 21 banks to support small and medium-sized technology firms at an interest rate of 1.75 per cent. These loans can be extended twice, each extension lasting up to one year, as per the report.
The move, announced on Sunday, comes amid challenges posed to the Chinese economy by a property crisis and geopolitical tensions with key trading partners. China's policymakers are aiming to enhance liquidity and bolster confidence in the world's second-largest economy.
Relending mechanisms These measures will allocate a combined 500 billion yuan (US $69.1 billion) to incentivise loanssupporting technological innovation and large-scale equipment upgrades - two sectors that have been explicitly prioritised by the country's leadership, said the report.
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