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Premier notes concern for SME financing costs

Updated: Apr 10,2018 9:36 PM

Premier Li Keqiang paid a visit to a business service center in the China (Shanghai) Pilot Free Trade Zone (FTZ) on April 10.

When the Premier was told that the average interest rate for overseas financing based on free trade accounts was less than four percent, he said the move can force domestic banks to lower loan costs for small and medium-sized enterprises (SME), thus boosting entrepreneurship and innovation.

As an innovative policy in the financial reform of the Shanghai FTZ, the free trade account is set by banks for clients in the FTZ to facilitate free fund transfers.