BEIJING: China’s central bank pledged to increase financial support for the country’s private enterprises at a symposium held on Thursday.
The People’s Bank of China (PBOC) will strengthen coordination between financial, fiscal and industrial policies, and will guide more financial resources into the private economy, said Pan Gongsheng, the bank’s governor, at the symposium on enhancing financial support for private enterprises.
The financial sector is obliged to support the development of private enterprises, as the private economy is an important outcome of the development of the socialist market economy, as well as a key force for promoting economic and social development, Pan said.
Pan said the scale of instruments to support private enterprises in debt financing will be expanded, and work will be done to strengthen the financial market’s support for private enterprises.
He called on financial institutions to create a favorable environment for the development of private enterprises, enhance their willingness, capacity and sustainability in terms of taking loans, and provide them with reliable, efficient and convenient financial services.
Pan also pledged to precisely implement differentiated housing credit policies, meet the reasonable financing needs of private real estate enterprises and promote the sound development of the real estate sector.
It is expected that various departments, institutions and regions across the country will continue to focus on the private economy, further alleviate difficulties faced by private enterprises and boost their transformation and development, said Bruce Pang, chief economist and head of research at JLL Greater China. With the supports, enterprises’ pressures in cost and cash flow will be minimized in a direct, fair and inclusive manner, Pang added. –The Daily Mail-CGTN news exchange item
