Global: China’s Central Bank Launches $70 Billion Tech Re-Lending Initiative

China’s central bank has announced the establishment of a 500 billion yuan ($70 billion) re-lending program aimed at supporting the country’s science and technology sectors. The initiative was revealed in a statement released on Sunday.

Under this program, loans will be extended to small and midsize technology companies through 21 banks at an interest rate of 1.75%. These one-year loans are eligible for extension twice, with each extension lasting up to a year, as outlined in the statement.

This move comes as China’s policymakers seek to enhance liquidity and bolster confidence in the economy, which faces challenges stemming from a property crisis and tensions with key trading partners.