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China To Boost Demand By Promoting Equipment Upgrades

CHINA PRESS
MNI (Singapore)

China will promote equipment upgrades in the manufacturing and social services sectors to expand demand, CCTV News reported following the State Council executive meeting chaired by Premier Li. The government will support banks to provide medium and long-term loans with an interest rate of no higher than 3.2% to manufacturers and social services SMEs to upgrade equipment in Q4. The People’s Bank of China will use a CNY200 billion special relending facility to support the policy, while the central government will offer a 2.5% interest rate discount. In Q4, the actual loan cost for upgrading equipment should be no higher than 0.7%, CCTV said.

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