China Central Bank starts a $70 billion loan scheme for technology.
The re-lending program established by the People's Bank of China (PBoC) aims to strengthen the nation's science and technology industry.
21 banks will provide loans to mid- and small-sized tech enterprises at a discounted interest rate of 1.75% as part of the central bank's scheme.
Loans under the program may be renewed twice for an additional year at a time, with a one-year maximum duration.
Though it is still the second largest in the world, China's economy has recently stagnated.
Both domestic and foreign institutional investors have shied away from China's equity market due to a slowdown in the property market and tensions in international trade.
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