In China, there has been no change in the 1 and 5-year loan prime rates (LPR) that serve as benchmark interest rates. The China National Interbank Funding Center reported that the 1-year loan interest rate remained at 3.1%, while the 5-year loan interest rate was kept steady at 3.6%. The LPR, determined based on the mark-up of 18 banks in China over the borrowing interest rate set by the People’s Bank of China (PBoC), has been serving as the benchmark interest rate function of the country since 2019. The 1-year loan interest rate is considered as a reference for corporate loans, while the 5-year interest rate is used for real estate loans. Three interest rate cuts have been made in 2024 as part of the policy measures of the People’s Bank of China to stimulate economic growth. In February 2024, to revitalize the real estate sector’s crisis, the 5-year loan interest rate, considered as a reference for real estate loans, was reduced from 4.20% to 3.95%, while the 1-year interest rate was kept at 3.45%. In July 2024, both loan interest rates were reduced, with the 1-year interest rate going from 3.45% to 3.35%, and the 5-year loan interest rate lowered from 3.95% to 3.85%. In October 2024, there was another cut in the loan interest rates, bringing the 1-year loan interest rate from 3.35% to 3.1%, and the 5-year loan interest rate from 3.85% to 3.6%.