China implements new schemes for banks to support small businesses

BEIJING: China's central bank confirmed on Saturday that it will implement new schemes aimed at encouraging financial institutions to lend to small businesses under pressure due to the impact of COVID-19.

The measures had been announced by the State Council, or cabinet, on Dec. 15.

The People's Bank of China (PBOC) will provide capital to qualified banking institutions to spur them to extend more loans to small and micro enterprises under a scheme that will run through June 2023, according to a statement posted on its website.

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Authorities are also rolling over a 400-billion-yuan relending quota that supports inclusive financing to small businesses.