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China will help commercial lenders to shift from the London Interbank Offered Rate (Libor), which is facing global criticism, to a self-designed interest rate system, according to the People's Bank of China, the central bank.
China's central bank has raised its re-lending quota by 50 billion yuan (.3 billion) to boost financial support for small and micro firms and private businesses.
China's central bank said earlier this year that it would encourage lending to the real economy by giving incentives to banks.
China's GDP grew by 4.9 percent year-on-year in the third quarter, faster than the 3.2-percent growth between April and June, suggesting "a rapid return to the pre-COVID trend", according to US economist Stephen Roach, also former chairman of Morgan Stanley Asia, a New York-based investment bank.
China will step up efforts to accelerate free trade port construction this year, a further step to build on the success of free trade zones across the country, the Ministry of Commerce said.
来源：资阳报