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China to step up financial support for industries hit by COVID outbreaks

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BEIJING — China will step up financial support for industries, firms and people affected by COVID-19 outbreaks, the central bank said on Monday.

Authorities will guide financial institutions to expand lending and surrender profits to the real economy, the central bank said in a statement on its website.

Financial institutions should appropriately buy local government bonds to support infrastructure investment, the central bank said. (Reporting by Kevin Yao and Beijing newsroom; Editing by Toby Chopra)