In order to assist the nation’s scientific and technology industries, China’s central bank will launch a 500 billion yuan ($70 billion) re-lending initiative, the bank announced in a statement on Sunday.
Small and midsize technology enterprises will be able to apply for loans through 21 banks at an interest rate of 1.75%.
According to the statement, the one-year loans may be extended twice, for a maximum of one year each time.
Laptops 1000Amidst challenges from a real estate crisis and disagreements with key trading partners, China’s officials aim to enhance liquidity and trust in the second-biggest economy in the world.
