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China expands pilot program to cut loan cost

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BEIJING, Oct. 10 (Xinhua) -- China's central bank on Saturday announced it would expand a pilot program on credit-asset pledged lending to nine municipalities and provinces.

Before this, the pilot was being promoted in Shandong and Guangdong, said a statement on the website of the People's Bank of China.

The nine municipalities and provinces are Shanghai, Tianjin, Liaoning, Jiangsu, Hubei, Sichuan, Shaanxi, Beijing and Chongqing.

The move is expected to cut borrowing costs and guide more funds into agriculture and small enterprises to boost the real economy, said the statement.

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