BEIJING, April 18 (Reuters) - Chinese banks have agreed
to lend 120 billion yuan ($17.5 billion) in loans to private
firms, the central bank said, as policymakers pledge to shore up
support for the private sector which is vital for growth and
jobs.
Agreements on the credit lines were signed between 10 banks
and 30 private firms on Tuesday in China's commercial hub of
Shanghai, the local branch of the People's Bank of China said in
a statement.
The private firms operate in sectors of integrated circuits,
aerospace, artificial intelligence, information technology,
transportation and logistics.
The central bank said last week that it will ensure that
financial support for private firms is in line with their
contributions to economic and social development.
Chinese leaders have recently launched a charm offensive
towards private entrepreneurs, pledging to boost their
confidence following a three-year crackdown on the tech and
property sectors.
Local governments have rushed to issue a flurry of policies
in recent weeks, mostly focusing on tax, credit support and
red-tape cuts.
($1 = 6.8757 Chinese yuan renminbi)
(Reporting by Kevin Yao, editing by Ed Osmond)
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