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PBOC To Increase Financial Support To Industries Amid Slowdown

CHINA PRESS
MNI (Singapore)

The People’s Bank of China will step up financial support for industries and companies affected by the Covid-19 outbreaks, guide banks to expand lending and share more profits with the real economy, according to a statement on its website. The central bank will provide incentive funding that is as much as 1% of the incremental balance of inclusive SME loans, and timely increase the quota of relending to agriculture and small businesses, the statement said. Banks should purchase local government bonds to support infrastructure investment, it said.

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