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December 24, 2009

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Banks Asked To Let Credit Play Bigger Role

CHINA asked its financial institutions to let credit play a bigger role in guiding and promoting industrial structure adjustment but they should also prevent risks, according to a statement posted yesterday on the Website of the People's Bank of China, the central bank.

More financial support should be given to the adjustment and rejuvenation of the country's key industries, and help curb overcapacity in some of them, said the joint statement by the PBOC, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission.

Companies and projects in industries facing overcapacity or not covered by the country's key industry support plans would be prohibited from raising funds through issuing corporate bonds, convertible bonds and new shares, the statement said.


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