Chinese state banks told to provide discount loans to support infrastructure projects in county-level towns

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Chinese authority has told six state banks to step up credit support to infrastructure projects in county-level towns, in a bid to address funding strains of struggling local authorities after Premier Li Keqiang pledged direct and targeted measures to allocate funding.

The banks include the two largest policy banks, China Development Bank and Agricultural Development Bank of China, the three state-owned commercial banks, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC) and China Construction Bank (CCB), as well as state-controlled joint-stock commercial bank China Everbright Bank.