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More financial support for industrial upgrading

Updated: Nov 19,2015 11:27 AM

The State Council said on Nov 18 that China will step up financial support to promote technology upgrades in some traditional industries, such as textiles, steel and building materials.

The government will boost fiscal spending to support industrial upgrading. Banks will increase lending by restructuring existing loans.

According to the State Council, firms will be encouraged to rely more on direct financing, including stock and bond issuance.