·Chinese(gb) ·English ·ฉบับภาษาไทย ·Tiếng Việt
WAPWeb Accessibility RSS
Home About Liuzhou Government Liuzhou News Live in Liuzhou Travel in Liuzhou Invest in Liuzhou Interact
Current Location:  Home > Liuzhou News > China
 
Official promises to direct more loans to private sector
 
Date:2018-11-08  Source:Xinhua
 China's banking and insurance regulator chief vowed to step up credit support for the private sector, with a goal of no less than 50 percent of new corporate loans going to private businesses in the next three years.

The private sector contributes more than 60 percent of the economy but only receives 25 percent of the loans, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), told Xinhua in an interview, stressing the two ratios do not "match" and efforts should be taken to change the situation.

Big banks should make at least a third of their loans to private businesses in the next three years and for small and medium-sized banks, the level is two thirds, Guo said.

"It's critical to push lenders to grant private companies more loans."

The CBIRC chief requires lenders to allocate more resources to the private sector, formulate special credit policies and revise evaluation systems for employees. Other measures to be taken by banks will include shortening financing chains and reducing financing costs for private borrowers.

"Both state-owned and private enterprises should be treated equally and fairly... and there should never be any discrimination in regards of their ownership," Guo said.

Guo's remarks came in the latest effort of the government to help the private sector, and the country's financial authorities have already taken a series of measures including more bank loans and easier bond issuance to address financing difficulties of private enterprises and expand their fund-raising channels.

The measures have taken effect, with more funds channeled to money-starved private businesses at lower costs.

By the end of the first three quarters of the year, the average lending interest rate of 18 major commercial banks for small and micro firms stood at 6.23 percent, 0.7 percentage point lower than that in the first quarter.

Guo said the CBIRC has also mulled measures to help address liquidity risks in private businesses, including unleashing more funds raised through banks' wealth management products and extending credit for companies that face forced liquidation due to falling share prices.

Insurance funds will also be given a bigger role in long-term and stable investment, Guo said. 

   Print   To Top    Close  
0

Related Articles

China's tech firms empower financial services with AI
Cutting-edge innovations at World Internet Conference show promising tech future
Tunisia to host 2nd forum on China-Arab BeiDou cooperation
Central bank governor promises stronger support for private sector
Chinese archaeologists discover 2,000-year-old liquor in ancient tomb
Financing association set up for China's digital economy
Import expo shows China's determination to seek collaborative development wit...
Full-size model of China's core space station module debuts in Zhuhai
China developing new-generation manned rocket, spacecraft
Chinese scientist Chang Meemann awarded by HK science foundation
   
Home  │ About Liuzhou  │ Site Map  │ Service and Privacy │ FAQ │ Download Forms   │ Contact Us
Copyright (C) 2006 The People's Government of Liuzhou Municipality,All Rights Reserved
Sponsored by Liuzhou Informational Leading Group Office (The Bureau Of The Information Industry Of Liuzhou)
Prepared by Liuzhou Network Management Centre Address:No. 66, Sanzhong Road, Liuzhou, China
ICP Certificate No.05009280