China's central bank vows more financial support for certain sectors via relending

China's central bank vowed on Wednesday more financial support through relending for sectors including tech innovation, service consumption and elderly care.

The People's Bank of China (PBOC), the central bank, will add the quota of relending for technological innovation and upgrading by 300 billion yuan (about 41.7 billion U.S. dollars) to a total of 800 billion yuan, PBOC governor Pan Gongsheng told a press conference.

The central bank will establish a 500-billion-yuan relending facility to support service consumption and elderly care, guiding commercial banks to enhance credit support for these sectors, Pan said.

He noted that the central bank will also add 300 billion yuan in relending quota to support agriculture and small businesses. ■