Financing to industries set to increase amid upgrading
Print Edition
CHINA will raise financial support to its industries as they are being encouraged to transform themselves amid the country’s industrial upgrading, an official document said yesterday.
China will expand credit to industrial enterprises, promote more helpful capital and insurance markets and innovate corporate financing system, according to a guideline jointly released by eight economic regulators including the People’s Bank of China.
Improved financial services will push forward supply-side reform, facilitate overcapacity reduction, accelerate de-stocking and reduce corporate burden, the guideline said.
The authorities will implement a differentiated strategy targeting different sectors and areas, the guideline said.
The development of emerging sectors and upgrading of traditional ones will get more support, and financial institutions will be urged to make long-term loans to high-tech firms, technical equipment manufacturers and some basic industries.
However, loans to “zombie companies” that have suffered continued losses and are unable to pay back their debts will be slashed or withdrawn, according to the guideline.
To facilitate industrial consolidation, China will widen financing channels for mergers and acquisitions, such as allowing firms to issue preference shares and convertible bonds.
The regulators will support strongly companies exploring foreign markets. Companies will be encouraged to go public, issue bonds and increase asset securitization in overseas markets, use more yuan-denominated outbound loans and invest overseas in yuan.
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