Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 9 (Xinhua) — The People’s Bank of China (PBOC, the central bank) announced on Friday the establishment of a refinancing mechanism for the service consumption and elderly care sectors, in a move to encourage financial institutions to step up support for these sectors.
According to the PBOC, the refinancing quota is 500 billion yuan (about 69.35 billion US dollars), with an interest rate of 1.5 percent per annum and a term of one year.
According to the Central Bank, this mechanism is available to 21 national-level financial institutions, including political banks and state-owned commercial banks, as well as five city commercial banks, including Bank of Beijing and Bank of Shanghai.
The new refinancing mechanism will be in effect until the end of 2027. The PBC emphasized that it intends to encourage financial institutions to strengthen financial support for key areas of the service sector, such as the hotel and restaurant business, culture, sports and entertainment, education, and the elderly care industry. –0–