China seen using new tool to finance hi-tech advances amid slower economic growth

China could accelerate the deployment of an 800 billion yuan (US$117.94 billion) new financial instrument to support hi-tech development and help mitigate the forecast slowdown in quarterly economic growth, investment bank Goldman Sachs says. Officials would use the quasi-fiscal New Policy-Based Financial Instrument, which was rolled out to fund strategic investments through policy banks outside traditional commercial bank lending channels, Goldman Sachs said. “China’s slowing second-quarter...