Table 4.

Key measures taken by the central government.

Issuing organisations	Content
China’s Central Bank	Monetary stimulus of RMB1.2 trillion in February to ease borrowing costs and funds availability; Cutting the interest rate to 2.5%
China Development Bank	Issuing $2bn bonds in global bond markets
China’s three government‐run policy banks	Lending RMB 350bn to SMEs at preferential rates
Several SOEs	Raising $4bn Covid bonds
State Council	Encouraging private banks to postpone interest payments on loans to SMEs until the end of June; ordering large SOEs to increase lending to SMEs by at least 30% in 2020; ensure stability in six key aspects of the economy

Source: own compilation based on the website of the State Council of China.