A spokesperson for the People's Bank of China, Ping Li Feng, stated in a press release issued on Wednesday morning that the Chinese central bank will assist banks in increasing loans for the trade-in initiative launched by the Chinese government to support and stimulate local consumption and increase economic activity. The main points mentioned in the press release from the People's Bank of China on this matter are: - The People's Bank of China will increase financial support provided to private and small enterprises in the field of equipment upgrades. - The central bank will allocate 100 billion yuan in loans to provide to selected small technology companies. - The Chinese government will provide up to 15% in price support on smartphones. It is noteworthy that the Trade-In Initiative is a program launched by the Chinese government to support local consumption by allowing individuals to acquire new goods by trading in other goods while paying the price difference between them.
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