The Chinese central bank has initiated a new financing program worth tens of billions of euros. The aim of the program is to assist smaller companies in the technology and science sectors with innovation and research.

The program, valued at 500 billion yuan (approximately 64 billion euros), will see the central bank providing low-interest loans to small and medium-sized enterprises. These loans will help the companies to grow, while the financing fund will also allocate funds to significant projects related to technology and science.

Under the leadership of President Xi Jinping’s government, there is a push to offer more support to advanced technologies such as electric vehicles, computer chips, biotechnology, and artificial intelligence. Recently, three bankrupt Chinese electric car manufacturers were able to restart operations with government assistance.

China aims to boost its economy with this funding, which is currently facing challenges due to a real estate crisis and weakened consumer confidence.