The People’s Bank of China has launched a new campaign to drive financial inclusion for small businesses and private companies operating in the capital city of Beijing.
PBOC teamed up with the Beijing municipal banking and securities regulators to release the “Action Plan on Further Improving Financial Services Systems and Mechanisms for Beijing Private and Micro-and-Small Enterprises (2021 – 2023)” (进一步完善北京民营和小微企业金融服务体制机制行动方案（2021-2023年)) on 4 August.
The Plan sets the target of per annum growth in financial inclusion MSE loans that is at least 10 percentage points above overall loan growth in Beijing during the period from 2021 – 2023, as well as annual accounts receivable financing for Beijing MSE’s of no less than 50 billion yuan.
During the term of the plan PBOC will also process no less than 100 billion yuan in private enterprise and MSE bills rediscounting, and provide policy funds to the market of no less than 200 billion yuan.
The Plan also focuses on “supporting qualified enterprises in key sectors to enter capital markets,” stating that it will “strengthen the joint stock-and-bond model,” as well as support growth in financing for small and medium-sized tech companies.
The Plan will “accelerate coordination and dovetailing between tech ventures and financial institutions; actively drive and promote innovations in the form of multiple services models, such as links between investment, loans and insurance.”
Sectors of key focus for listing will include integrated circuits, satellite Internet, next-generation information technology, pharmaceuticals, smart equipment, clean energy, new materials and artificial intelligence.
