China to launch 500-bln-yuan guarantee program to support private investment

BEIJING, Jan. 20 (Xinhua) -- The Chinese government on Tuesday announced a special guarantee program with a total scale of 500 billion yuan (about 71.42 billion U.S. dollars) to support investment by micro, small and medium-sized private enterprises.

The program, implemented through the National Financing Guarantee Fund over a two-year period, will cover not only medium- and long-term loans, but financing needs related to daily operations, such as factory expansion, shop renovations and working capital, according to a notice jointly released by several departments including the Ministry of Finance.