📢 Hey tech enthusiasts! China's central bank just dropped some major news that's set to shake up the tech world! 🎉
On Sunday, the People's Bank of China (PBOC) announced a massive special relending facility worth a whopping 500 billion yuan (that's about $70.47 billion!). 💰💡 This move is all about boosting sci-tech innovation and helping upgrade technical equipment across the nation.
So, what's the deal? 🤔 The one-year facility comes with a super-low interest rate of 1.75%. And guess what? It can be extended twice, each for another year! Talk about long-term support for tech growth! 🌱
The PBOC aims to guide financial institutions to amp up their credit support for small and medium-sized sci-tech firms, especially those in their early and growth stages. 🚀 This means more fuel for startups and innovative projects to go digital, smart, advanced, and green! 🌿✨
Who's in on this? A total of 21 financial institutions, including big players like China Development Bank, Postal Savings Bank of China, and other major commercial banks. 🏦 For eligible loans issued by these institutions, the PBOC will provide reloans equivalent to 60% of the loan principal. That's some serious backing! 🔥
This initiative is a big win for the tech scene, aiming to supercharge innovation and modernization in key sectors. 🎇 It's all about empowering the next wave of tech leaders and making China a hub for cutting-edge advancements. 🌐
Stay tuned, tech fam! This could be the start of something huge in the world of sci-tech innovation! 🤖💡
Reference(s):
China's central bank unveils relending program for sci-tech innovation
cgtn.com
