China Steps Up Support for Tech Sector as AI Enthusiasm Soars
- New onshore bond platform planned for tech, PBOC governor says
- Re-lending program for tech companies also set to be expanded
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China is planning to increase support for its technology companies as the sector makes rapid advances in artificial intelligence.
A new bond platform will be created to help tech firms issue debt onshore and use the proceeds for innovation, project financing, and mergers and acquisitions, People’s Bank of China Governor Pan Gongsheng said at a briefing Thursday. China will also expand a tech industry re-lending program to as much as 1 trillion yuan ($138 billion) from 500 billion yuan, he said.