China's Central Bank Initiates $70 Billion Tech Relending Program

China's central bank has announced plans to establish a 500-billion-yuan ($70 billion) re-lending program aimed at supporting the country's science and technology sectors, as reported by Andrew Hayley for Reuters.

The program will provide loans through 21 banks to small and midsize technology companies at a favorable interest rate of 1.75%. I Photo: bfishadow Flickr

The program will provide loans through 21 banks to small and midsize technology companies at a favorable interest rate of 1.75%. These one-year loans can be extended twice, up to a year each time, offering flexibility to borrowers.

This initiative reflects China's efforts to boost liquidity and bolster confidence in its economy amidst challenges such as a property crisis and tensions with major trading partners. By focusing on supporting the science and technology sectors, China aims to foster innovation and drive economic growth in strategic areas.

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