Chinese Finance Will Focus on Tech Innovation, Green Development, Small Business in 2021: Li Keqiang

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Chinese Premier Li Keqiang has highlighted key focal areas for finance policy during the 2021 Government Work report delivered at the opening of the Two Sessions congressional event for this year, calling in particular for big state-owned banks to increase financial inclusion loans by at least 30%.

Rhe Report delivered by Li on 5 May pointed in particular to areas including

  • Stable monetary policy which needs to be flexible, targeted and rationally moderated.
  • Placing the servicing of the real economy in an even more prominent position, and effectively handling the relationship between restoring the economy and the prevention of risk.
  • Maintaining a basic correspondence between growth in the money supply and social financing with nominal economic growth; maintaining rationally ample liquidity and maintaining the fundamental stability of macro-leverage levels.
  • Guiding banks to expand credit and lending, driving more funds towards tech innovation, green development as well as micro and small enterprises, individual industrial and commercial registrants, new types of agricultural business entities, and sectors that continue to be affected by the COVID-19 pandemic.
  • An increase in financial inclusion lending to micro and small-enterprises by big state-owned banks of at least 30%.

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