China Pledges $69 Billion in Cheap Loans to Support Tech Innovation and Green Industries

• China pledges $69 billion in credit backing for tech innovation and equipment upgrades • Funds will be provided through central bank relending facilities at 1.75% rate to 21 banks • Aims to support startups, SMEs, digitalization, intelligent upgrades, green tech, etc. • Follows previous expired programs and guidance to prioritize key areas like tech and green finance • Part of efforts to boost weak economy and investment confidence amid property slump