China’s state council has approved a new package of targeted funding for small businesses affected by the virus. Photo: AP

Coronavirus: China grants banks extra funding to spur loans to hard hit small businesses

  • State Council approves additional 500 billion yuan (US$71.1 billion) for small business lending on top of 300 billion yuan approved earlier in February
  • Only 30 per cent of small businesses are back at work and many have just a few months of cash to keep themselves afloat
Topic |   China economy
China’s state council has approved a new package of targeted funding for small businesses affected by the virus. Photo: AP
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