Smog-hit China aims for environmental stimulus

Beijing

DAYS before Beijing cut bank reserve requirements to boost lending to China's slowing economy, officials in Hebei province met with dozens of banks and steel mills to find financing to revive the local industry and tackle chronic environmental problems.

During the meeting with 32 banks and 64 steel mills, which came a month after Premier Li Keqiang voiced support for financing initiatives for the smoggy northern province, 18 banks agreed to lend more than 623 billion yuan (S$135.3 billion) for "technological renovation and industrial transformation" this year, Hebei's industry bureau said.