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China orders more lending to entrepreneurs amid trade spat

AP  |  Beijing 

Chinese banks have been told by the government to lend more to entrepreneurs to help shore up flagging economic growth amid an escalating trade dispute with

The central said Sunday it had released 750 billion yuan (USD 109 billion) for additional lending by reducing reserve requirements by 1 per cent.

It said the money was for small enterprises the official term for private companies that generate China's new jobs and wealth.

The dispute with the US is adding to downward pressure on an that already was forecast to cool after tightened lending controls to rein in a debt boom.

The Asian Development says China's is expected to expand at a 6.6 per cent annual pace this year but slow to 6.3 per cent in 2019.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, October 07 2018. 12:25 IST