HomeFinancial MarketsChina Extends Lending Tools to Spur Economic Growth

China Extends Lending Tools to Spur Economic Growth

China’s central bank stated on Sunday that it will be extending three lending tools in an effort to provide support to targeted sectors of the economy. Since being crippled by the coronavirus pandemic in 2020, the Chinese government has been scaling its lending policy tools to restart the nation’s economy.

Three lending tools are set to be extended by the Chinese government. Among them is a lending tool to support carbon emission reduction by the end of 2024. A relending tool designed to promote the clean use of coal by the end of 2023 will also be extended according to a statement on the website of the People’s Bank of China.

Finally, the Chinese central bank is set to extend a relending tool that is aimed at boosting the country’s transport and logistic sector. This tool is to be extended through June 2023.

According to a statement on the Chinese central bank’s website, the lending tool extensions are being implemented to “precisely and effectively implement the prudent monetary policy, guide financial institutions to increase support for green development and other areas.”

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