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Xinjiang offers special loans to young entrepreneurs

URUMQI, March 16 (Xinhua) -- Northwest China's Xinjiang Uygur Autonomous Region has introduced special loans of 1 billion yuan (around 140 million U.S. dollars) to assist young entrepreneurs to resume operation amid the coronavirus outbreak.

The loans were launched by the region's Chinese Communist Youth League committee and China Merchants Bank's Urumqi branch, which aimed to support entrepreneurs under 45 years of age, with priority given to companies manufacturing medical supplies and life necessities.

The application procedures will also be streamlined and credit guaranteed, with favorable interest rates and flexible financing methods.