CRI听力:China Expands Pilot Program to Cut Loan Costs for Localities

China's central bank has announced plans to expand a pilot program on credit-asset pledged lending to nine municipalities and provinces.

The scheme allows banks to refinance high-quality credit assets rated by the central bank.

It was promoted in Shandong and Guangdong provinces last year.

Now the program will be expanded to include nine municipalities and provinces including Beijing, Shanghai and Chongqing.

The move is expected to cut borrowing costs and guide more funds into agriculture and small enterprises to boost China's real economy.

For more on the program, CRI's Spencer Musick spoke with Mike Bastin, Director of China Business Center based in London.