Caixin
Jul 26, 2018 08:30 PM
FINANCE

Three State Banks Sign Up to $10 Billion Loan-Guarantee Fund

Three of China's “big four” banks are among 20 institutions involved in a state-backed fund to boost support for small companies. Photo: VCG
Three of China's “big four” banks are among 20 institutions involved in a state-backed fund to boost support for small companies. Photo: VCG

* The three banks will each inject 3 billion yuan into the National Financing Guarantee Fund over four years

* The fund will have an initial registered capital of 66.1 billion yuan

(Beijing) — Three of China’s “big four” state-owned banks announced they are investing in a multibillion-dollar state-backed fund tasked with increasing financing to small businesses, agriculture-related enterprises and innovative startups, as part of the government’s campaign to boost funding for cash-starved areas of the economy.

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