China’s top banking official has reiterated Beijing’s commitment to the provision of greater financial support to privately run businesses.
“Financial institutions will further implement the concept of equal treatment, and fairly and equally treat enterprises of all ownership types,” said Guo Shuqing (郭树清), party secretary of the Chinese central bank and chair of the China Banking and Insurance Regulatory Commission (CBIRC), in a recent interview with state-owned media.
Guo highlighted a range of measures to step up financial support for private enterprises, including:
- Expanding the intensity of monetary policy support for private enterprises. Maintaining rational growth in the overall quantity of loans, and driving reductions in overall financing costs.
- On the foundations of further effectively providing financial services to private micro-and-small enterprises in the manufacturing sector, expand lending and insurance guarantees for private enterprises and individual industrial and commercial registrants in the services sector.
- Diversify financing channels for private enterprises. Support the use of share and bond issuance to obtain more financial resources.