Beijing | A flagship Beijing lending program to revive the country’s debt-stricken property market has done barely any business almost a year after its launch, officials say, highlighting the difficulty for policymakers seeking to boost confidence in the world’s second-largest economy.
The People’s Bank of China in November announced a 200 billion yuan ($43.3 billion) facility to provide interest-free loans to six state-owned commercial banks to finance thousands of stalled property projects.
