China's Cabinet: Will step up support for small firms

China's cabinet said on Wednesday that it will step up support for small businesses, Reuters reported, citing Chinese state media.

Additional takeaways

"Will add 300 billion yuan in relending quota for small firms."

"Will step up policy reserve, improve cross-cyclical adjustments."

"Central bank will provide rediscount support to help ease financing burdens of small firms."

"Will use local government special bonds to help expand effective investment-state media."

Market reaction

This headline doesn't seem to be having a significant impact on market sentiment. As of writing, the S&P Futures were up 0.33% on a daily basis.