China to support banks to offer lower rates on loans for smaller firms

China will ensure lending rate to firms making key medical supplies and goods concerning people's livelihood to be capped at 1.6%, the state television reported on Wednesday, amid a coronavirus outbreak.

The government will support banks to offer lower rates on loans for smaller firms, it said quoting a cabinet meeting chaired by Premier Li Keqiang.

The government will also ensure the supply of medical products and daily essentials, it added.