Nearly 100 institutions have issued over 250 billion yuan (HK$271.63 billion) in bonds on China’s newly launched “sci-tech board” in the bond market since its debut earlier this month, a vice governor of the central bank said on Thursday.
The rollout of the board has progressed smoothly, with positive responses from across the market, said Zhu Hexin, vice governor of the People’s Bank of China.
“The next step is to stay closely engaged and work to enhance supporting mechanisms so the platform can play a greater role in driving sci-tech innovation,” he added.
Meanwhile, Zhu said the country has increased the relending quota for sci-tech innovation and technology upgrades from 500 billion yuan to 800 billion yuan, while lowering the relending interest rate from 1.75 percent to 1.5 percent.
“This move aims to guide financial institutions to provide stronger and more targeted loan support for the tech sector,” Zhu said.
STAFF REPORTER
