China to extend tax relief for small firms, support equipment upgrades

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BEIJING — China will extend tax relief for some small firms, including manufacturers, and take more steps to support equipment upgrades by companies, state media on Wednesday quoted the cabinet as saying.

China will support commercial banks’ moves to make medium- and long-term loans to support corporate equipment upgrading, state media quoted the cabinet as saying.

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The central bank will make low-cost loans via a special relending facility worth 200 billion yuan ($28.75 billion) to support the initiative, state media said. ($1 = 6.9565 Chinese yuan renminbi) (Reporting by Kevin Yao)