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1. Central bank lending for rural development. Introduced in 1999, this instrument is issued to locally incorporated financial institutions to guide them to expand credit supply to the agricultural sector and reduce the financing costs related to agriculture, rural areas and rural people. Eligible institutions include rural commercial banks, rural cooperative banks, rural credit cooperatives, and village and township banks. For loans granted under this category, the PBOC provides the lenders with funds equal to 100 percent of the principal. This is a long-term instrument.

2. Central bank lending for MSBs. Introduced in 2014, this instrument is issued to locally incorporated financial institutions to guide them to increase credit supply to MSBs and private enterprises and reduce their financing costs. Eligible institutions include city commercial banks, rural commercial banks, rural cooperative banks, village and township banks, and private banks. For loans granted under this category, the PBOC provides the lenders with funds equal to 100 percent of the principal. This is a long-term instrument.

3. Central bank discounts. Central bank discounts are transactions made by the PBOC to discount financial institution-held bills that have already been discounted. Introduced in 1986, this instrument has started to play its role in adjusting the financing structure in 2008. It is mainly designed to increase financing for rural development, MSBs, and private enterprises and is applicable to banking institutions qualified to conduct discount businesses, including commercial banks licensed to operate nationwide, locally incorporated banks, and foreign-funded banks. This is a long-term instrument.

4. The instrument supporting inclusive MSB loans. Following the decisions of State Council executive meetings, the PBOC launched the instrument supporting inclusive MSB loans in December 2021. The instrument helps locally incorporated financial institutions and encourages them to continuously increase MSB loans. The PBOC provides the lenders with incentive funds equal to 2 percent of the incremental balance of their MSB loans. This is a temporary instrument. As of now, it is effective from 2022 to end-June 2023, and it is implemented on a quarterly basis.

5. The pledged supplementary lending (PSL) facility. Initiated by the PBOC in 2014, this instrument mainly supports key areas including shantytown renovation, construction of underground pipelines, major water conservancy projects, and initiatives of “going global.” Eligible institutions include China Development Bank (CDB), Agricultural Development Bank of China (ADBC), and the Export-Import Bank of China (CEXIM). For loans granted under the PSL, the PBOC provides the lenders with funds equal to 100 percent of the principal. This is a temporary instrument.

6. The carbon emission reduction facility (CERF). Following the decisions of State Council executive meetings, the PBOC in concert with the NDRC and the MEE launched the CERF in November 2021. The CERF is available to 21 financial institutions licensed to operate nationwide to extend targeted support to three important fields of carbon emission reduction, namely clean energy, energy conservation and environmental protection, and carbon emission reduction technology. For loans granted under the CERF, the PBOC provides the lenders with low-cost funds equal to 60 percent of the principal. This is a temporary instrument. As of now, it is effective from 2021 to end-2022, and it is implemented on a quarterly basis.

7. The special central bank lending for the clean and efficient use of coal. Following the decisions of State Council executive meetings, the PBOC, together with the NDRC and the NEA, launched a special central bank lending facility in November 2021 to promote the clean and efficient use of coal. The lending facility is available to seven financial institutions operating nationwide, namely the CDB, the CEXIM, the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), and the Bank of Communications (BOCOM). It provides targeted support for large-scale clean production of coal, the application of clean combustion technologies and other five areas. Meanwhile, the instrument boosts the capacity of coal mining, utilization and storage. For loans granted under this facility, the PBOC provides the lenders with low-cost funds equal to 100 percent of the principal. This is a temporary instrument. As of now, it is effective from 2021 to end-2022, and it is implemented on a monthly basis.

8. The central bank lending for sci-tech innovation. Following the decisions of State Council executive meetings, the PBOC, together with the MIIT and the MOST, launched a central bank lending facility for sci-tech innovation in April 2022. The lending facility, available to 21 financial institutions licensed to operate nationwide, provides targeted support for sci-tech innovation enterprises, such as new- and high-tech enterprises, small- and medium-sized enterprises with specialized know-how, sophisticated operation, unique products, and innovative capabilities, national model enterprises for technological innovation, and top enterprises in particular areas of the manufacturing sector. For loans granted under this facility, the PBOC provides the lenders with low-cost funds equal to 60 percent of the principal. Implemented on a quarterly basis, this is a temporary instrument.

9. The special central bank lending for inclusive elderly care services. Following the decisions of State Council executive meetings, the PBOC and the NDRC jointly launched the special central bank lending for inclusive elderly care services in April 2022. This lending facility, available to seven financial institutions licensed to operate nationwide, namely the CDB, the CEXIM, the ICBC, the ABC, the BOC, the CCB, and the BOCOM, extends targeted support to eligible inclusive elderly care service providers. At the initial stage, a pilot program is carried out in five provinces, namely Zhejiang, Jiangsu, Henan, Hebei, and Jiangxi. For loans granted under this facility, the PBOC provides the lenders with low-cost funds equal to 100 percent of the principal. This is a temporary instrument, effective for two years for the time being. It is implemented on a quarterly basis.

10. The special central bank lending for transport and logistics sectors. According to the decisions of State Council executive meetings, the PBOC, together with the MOT, launched the special central bank lending for the transport and logistics sectors in May 2022. The lending facility, available to seven financial institutions licensed to operate nationwide including the ADBC, the ICBC, the ABC, the BOC, the CCB, the BOCOM, and the Postal Savings Bank of China (PSBC), targets at road freight operators, and micro, small and medium-sized logistics (including express delivery) companies. For loans granted under this facility, the PBOC provides the lenders with low-cost funds equal to 100 percent of the principal. This is a temporary instrument. As of now, it is effective through 2022 and is implemented on a quarterly basis.

Details of Structural Monetary Policy Instruments