March 15, 2019 / 4:44 AM / 3 months ago

China to lower funding costs for small and micro firms by 1 percent point this year - premier

Chinese Premier Li Keqiang speaks at a news conference following the closing session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China March 15, 2019. REUTERS/Jason Lee

BEIJING (Reuters) - China will take multiple measures to lower funding costs for small and micro firms by 1 percentage point this year, Premier Li Keqiang said on Friday, as the government rolls out more steps to shore up the slowing economy.

Li made the comments at a news conference after the annual parliament meeting concluded.

Li said in early March that Beijing wants big banks to boost lending to small companies by more than 30 percent this year.

Reporting by Kevin Yao and Ryan Woo; Writing by Yawen Chen; Editing by Kim Coghill

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