China to step up financial support for SMEs

China will further support the country's small and medium-sized enterprises (SMEs) to help them tide over the difficulties resulting from the COVID-19 epidemic, according to a State Council executive meeting Tuesday.

The meeting, presided over by Premier Li Keqiang, decided that the re-lending and re-discount quota for small and medium-sized banks will be expanded by 1 trillion yuan (about 141 billion U.S. dollars).

The country will further implement the reserve requirement ratio cuts for small and medium-sized banks and guide them to offer loans to SMEs at favorable interest rates, the meeting said.

Private businesses and SMEs are also encouraged to raise funds through bond issuance and accounts receivable financing, the meeting said.