China provides more financial support for startups

13th March, 2019 09:32:51 printer

BEIJING: China's finance ministry has called for more financial support from local governments for startups to direct funds to cash-starved businesses.

The Ministry of Finance has required local governments to lower the requirements of applying for entrepreneurship guaranteed loans and bear the interest subsidies, as part of the country's inclusive finance special funds management, reports Xinhua.

The maximum loan amount for personal entrepreneurship guaranteed loans backed by interest subsidies from China's central government was raised from 100,000 yuan (about 14,906 U.S. dollars) to 150,000 yuan from November last year, the ministry said in a statement Tuesday.