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9/7, 4:49 PM (Source: TeleTrader)
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China to provide $46.5 billion to small businesses

The People's Bank of China will add 300 billion yuan ($46.49 billion) of reloan quota in the next four months to support small and micro firms and self-employed businesses, Pan Gongsheng, deputy governor of the PBOC, said at a press conference on Tuesday. According to data provided by the bank, China has issued 6.1 trillion yuan of inclusive loans to small and micro firms since last June.

The outstanding amount of the inclusive loans surged 29.3% year-on-year to 17.8 trillion yuan by the end of July. The bank's objective is to provide policy support for "key areas and weak links," in the government's relationship with small and micro-businesses. Many such businesses have faced challenges brought on by the COVID-19 pandemic while struggling to keep up with larger companies, China's so-called "giants," and the Chinese government-favored state enterprises.

Breaking the News / TT