China asks banking sector to give more credit to companies

China asks banking sector to give more credit to companies

DR

Chinese officials have called on the country's banks to provide more credit to companies to help the country's economic growth in the midst of a trade war with Washington.

The Central Bank has announced the release of just over $100 billion for additional loans, thereby reducing bank reserve requirements by 1 percent.

According to a statement from the institution, this additional credit is intended to support small and medium-sized Chinese enterprises.

The trade dispute with the United States, according to forecasts, is expected to cause a slowdown in Chinese economic growth to 6.3 percent in 2019.

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