PBOC drafts areas for finance help
Print Edition
CHINA’S central bank yesterday outlined areas it will target in providing financial support and implementing reform measures, following its latest move to cut reserve requirements for banks lending to the agriculture sector and small companies.
To boost the real economy, the People’s Bank of China said on Monday that it will cut the reserve requirement ratio by 0.5 percentage points for banks engaged in proportionate lending to the farming sector or small and micro-sized enterprises.
“Under a circumstance that the total amount of social financing remains generally stable, the financing difficulties (for some sectors) are more of a structural problem,” said an official from the PBOC who declined to be named.
Monday’s RRR cut is expected to channel credit support to the agricultural sector and small companies, both of which are deemed to have limited access to financing.
This is the second time within two months that the central bank unveiled a narrow-based RRR cut to support sections of the economy. On April 22, a RRR reduction was introduced for county-level rural commercial banks and rural credit cooperative unions.
But the PBOC said on Monday that this did not mean a change to the country’s fundamental monetary policy.
The PBOC will fine-tune policy in a timely and appropriate manner to create a steady monetary and financial environment for economic restructuring and upgrading, according to the official.
The official identified sectors and industries that will come under the PBOC’s focus in extending support.
The PBOC will carry out policy measures that enhance finance in sectors including services, cultural, technology, service outsourcing, tourism, household services and strategic emerging industries, the official said.
Financial services concerning the restructuring in the railway and shipbuilding industries will be improved, as well as those supporting shantytown rebuilding, energy saving and environmental protection industries.
As for financing among small firms, the PBOC will allow the interbank bond market to help as it seeks to diversify financing options and accelerate the establishment of a credit system for small and micro businesses, according to the official.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
