China's Central Bank to Develop Credit Products Better Suited for Early-Stage Tech Firms

The People's Bank of China (PBOC) stated that it will direct its policies towards supporting private and small enterprises and will develop credit products that better fit the financing needs of early-stage technology firms. In a statement from the PBOC, it was noted that a meeting was held on November 21 with multiple departments to promote credit policies for corporate technological innovation and transformation. As of November 15, it was reported that Chinese banks had signed contracts worth approximately 400 billion yuan to support technology firms with equipment upgrades.