China to Boost Support to SMEs and Manufacturing: State Council

China announced new measures to boost support for small businesses, with the central bank guaranteeing more loans and discounted credits. The PBOC will inject more funding to local lenders, amounting to 1% of the outstanding loans they hold, the State Council said following a meeting on Wednesday. China will turn a CNY400 billion SME refinancing program onto a rolling basis and will increase the amount if necessary, the government said. China will also increase support for manufacturing through further cutting taxes and fees, including bigger research cost deductions and more VAT rebates, it said. China will also increase support for foreign firms setting up high-end production and research centres, it said.