China CNY300 Bln Refinancing to Help Banks Support SMEs: Herald

A new CNY300 billion refinancing initiative announced by the State Council on Wednesday will help banks boost support for SMEs and provide more low-interest loans, the 21st Century Business Herald said. The new refinancing amount approved by the government is about a third of the CNY888 billion outstanding at the end of June, the newspaper said. From 2020 to May 2021, China's banks provided CNY6.3 trillion SME loans, it said. The State Council also urged using local government special bonds to boost investment. However, the economy is likely to maintain a slower pace of growth given sharp decline in real estate investment, limited rebound in infrastructure spending and a more stable growth in social financing, the newspaper said citing Wu Ge, chief economist of Changjiang Securities.