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Coronavirus

China extends $70bn lifeline to jump-start small businesses

Coronavirus slowdown leaves service sector hanging by a thread

Women buy steamed buns from a street vendor in Luoyang, China.   © Reuters

BEIJING -- Chinese officials have approved 500 billion yuan ($71 billion) in fresh financing that will provide cheap loans to smaller enterprises struggling to resume operations amid the new coronavirus outbreak.

This batch of funding comes on top of the 300 billion yuan re-lending quota authorized this month by the People's Bank of China, the central bank.

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