China Unveils 500 Billion Yuan Re-Lending Initiative
China's central bank announced a 500 billion yuan re-lending facility targeting elderly care and service consumption sectors. The initiative aims to motivate banks to fund accommodation, catering, and educational industries. Loans feature a 1.5% annual interest rate for a one-year term, extendable twice.
- Country:
- China
In a strategic move to bolster its services sector economy, China's central bank has launched a substantial 500 billion yuan re-lending facility. This initiative specifically targets the elderly care segment, encouraging financial institutions to direct resources towards accommodation, catering, and education for senior citizens.
The People's Bank of China declared that loans within this framework would boast an attractive annual interest rate of 1.5%. The loans come with an initial one-year term and hold the potential for extension on two occasions, providing flexibility to borrowers.
This policy marks a significant effort to stimulate financial investment in key sectors, underscoring China's commitment to enhancing support for its aging population and related service industries.
(With inputs from agencies.)
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