October 25, 2018 / 10:10 AM / 9 months ago

China to reward provinces offering more financing guarantees for small firms

BEIJING, Oct 25 (Reuters) - China’s finance ministry said on Thursday it would allocate 3 billion yuan ($432.05 million) annually from 2018 to 2020 to provinces that offered more financing guarantees to smaller firms.

“(We will) adopt a combination of rewards and subsidies to places where the policy guidance for expanding small and micro firms’ financing guarantees and reducing their financing guarantee rates is strong,” the ministry said in a notice posted on its official website.

Chinese policymakers have in recent months rolled out various measures to boost lending to smaller firms that form the backbone of the country’s private economy amid a slowdown in economic activity and intensifying Sino-U.S. trade frictions. ($1 = 6.9437 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam)

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