The central bank’s programme will see 21 banks offer loans to mid and small-sized tech companies at a reduced interest rate of 1.75%.

Under the terms of the programme, loans will last for one year and can be extended twice for a a year at a time.

China’s economy, which is still ranked as the second largest in the world, has slowed of late.

A property market slowdown along with global trading tensions has seen a lack of investment in China’s equity market from both local investors and overseas institutional investors.