The Chinese central bank announced on Sunday that it would renew three lending instruments to enhance support for specific economic sectors.
According to a statement on the bank's website, the People's Bank of China will extend a financing tool for promoting the clean use of coal to the end of 2023 and a lending tool for supporting carbon emission reduction to the end of 2024.
In addition, the central bank announced that it will prolong until June 2023 a financing tool for the transportation and logistics industry.
The central bank announced that some overseas financial organisations will be covered by the carbon reduction instrument.
In order to precisely and effectively conduct prudent monetary policy, guide financial institutions to strengthen assistance for green development and other areas," the central bank said the decision to expand the lending tools would be beneficial.
The central bank has added rediscount and relending facilities, as well as other low-cost loans, to its arsenal of structural policy instruments since 2020, when the world's second-largest economy was first shaken by the coronavirus.
According to data from the central bank, the total amount of outstanding loans provided using structural techniques was close to 6.45 trillion yuan ($950.98 billion) at the end of 2022. According to policy sources and analysts, the central bank is prepared to increase targeted assistance for struggling sectors through its structural policy tools.