Cabinet Urges Lower Lending Rates for Private Sector
Chinese authorities are stepping up measures to expand credit to private companies in a bid to bolster the cooling economy. Bank stocks fell amid the central government’s continued pressure on lenders.
The State Council, the cabinet, in the most recent move called on the country’s major commercial banks to lower average lending rates for small enterprises by 1 percentage point from the level of the first quarter, according to a statement (Link in Chinese) published after a Friday meeting chaired by Premier Li Keqiang.
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