The loans involved include fixed asset and working capital loans for enhancing business infrastructure and services capabilities.
Separately on Tuesday, financial regulators said they would offer interest subsidies for individuals who take consumer loans, to reduce borrowing costs and stimulate consumer spending.
Consumers can receive an interest subsidy of one percentage point on loans for single purchases of no more than 50,000 yuan (US$6,954) for goods including vehicles and electronics, according to a statement released jointly by three financial regulators.
Eighteen national banks and five online lending platforms, including Tencent’s private lender WeBank and Chongqing Ant Consumer Finance, a unit of China’s Ant Group, are among the lending institutions eligible for the preferential policy, the statement said.
In May, the central bank rolled out a 500 billion yuan re-lending facility for elderly care and services consumption, in a bid to encourage banks to offer financial support to the accommodation, catering, education and elderly care sectors.
China has also allocated 231 billion yuan in special treasury bonds for a consumer goods trade-in programme – out of the annual quota of 300 billion yuan – with a focus on home appliances, cellphones, and tablet computers.
Source: CNA
