China's financial authorities mull new policy support for private sector-Xinhua

China's financial authorities mull new policy support for private sector

Source: Xinhua

Editor: huaxia

2023-09-01 17:48:15

This photo taken on June 19, 2023 shows an unmanned production line of a private enterprise in Zhangzhou, southeast China's Fujian Province. (Xinhua/Liu Yongzhen)

BEIJING, Sept. 1 (Xinhua) -- China's financial authorities are working on new policies to support the development of the country's private economy, according to a recent meeting by financial regulators and the All-China Federation of Industry and Commerce.

Speaking at the meeting, Pan Gongsheng, governor of the People's Bank of China, said that more financial resources will go into the private sector, and credit supply will be increased for private enterprises in key areas such as sci-tech innovation as well as green and low-carbon development.

Private enterprises shall enjoy better loan support and greater scale of bond financing, and they will be encouraged to go public or refinance, according to Pan.

Zhou Liang, deputy head of the National Financial Regulatory Administration (NFRA), said the NFRA will work to reduce the financing costs of private enterprises, ease their access to financial services, and create a better financial environment that benefits the development of private economy.

Wang Jianjun, vice chairman of the China Securities Regulatory Commission, vowed to support securities companies in providing better services for private enterprises, and appropriately handle the risks of private property developers with the use of tools such as stocks and bonds.

During the meeting, a number of strategic cooperation agreements were signed between financial institutions and private enterprises, as well as between private developers and the Shanghai and Shenzhen stock exchanges, and the National Association of Financial Market Institutional Investors. 


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