China announces new package to increase lending to virus-hit small businesses, lower borrowing costs

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China's State Council announced a package of new measures to ease financing pressure faced by small companies which are suffering especially hard amid the coronavirus outbreak.

China will increase re-lending and re-discount quotas by 500 billion yuan to help smaller banks increase lending to small and medium-sized companies, said the State Council in a meeting on Tuesday, according to the state TV network CCTV.

Regional banks will be eligible to apply for re-lending of the same amount as the loans they grant to small- and micro-sized companies at interest . . .

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