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    PBC and NDRC to Pilot a Special Central Bank Lending Facility to Support More Supply of Inclusive Elderly Care Services

    To Read Chinese Version

    In line with the requirements of the executive meeting of the State Council, the People’s Bank of China (PBC) and National Development and Reform Commission (NDRC) decided to launch a pilot program of special central-bank lending for inclusive elderly care services, with a view to guiding financial institutions to provide preferential loans for inclusive elderly care institutions and lowering their financing costs. The pilot program will offer central-bank lending of RMB40 billion in total, with an interest rate of 1.75 percent and a maturity of one year, and the central bank lending may be rolled over twice. The PBC will provide funding support which is equivalent to the principal of the eligible loans issued by financial institutions. The program includes seven large national banks as pilot financial institutions, namely China Development Bank, The Export-Import Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications. The program will be carried out in five pilot provinces, namely Zhejiang, Jiangsu, Henan, Hebei and Jiangxi.

    Date of last update Nov. 29 2018
    2022年04月29日
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