ANNOUNCEMENT 22 Oct 2018
October 22nd, 2018 - The Chinese government announced an incentive scheme to relax financing conditions for SMEs.
NUMBER OF INTERVENTIONS
PRC State Council, October 22nd, 2018. (人民银行今年以来增加再贷款和再贴现额度共3000亿元支持小微企业和民营企业融资)
On October 22nd, 2018, an announcement from the Chinese State Council revealed that not only had it already ordered the People's Bank of China to increase the refinancing and rediscounting quotas for loans to SMEs by USD 21.6bn (CNY 150bn), it would be doing this again from the date of the announcement.
This means the total quota for 2018 was USD 43.3bn (CNY 300bn).
The quotas relate to the scale of loans to SMEs accepted as collateral in lending to commercial banks. The stated purpose of the increase was to 'improve the financial environment' for SMEs.
There was no sectoral scope mentioned in the State Council's announcement.