Premier vows help for small businesses
Print Edition
PREMIER Li Keqiang yesterday pledged to take steps to give more financing support to the real economy while keeping credit at a proper level.
Although China’s overall money and credit supply is strong, companies still have difficulties accessing funds or face high financing costs that will bring risks to the broader economy, the premier said at an executive meeting of the State Council.
To ease financing costs, the meeting outlined 10 measures that put the focus on optimizing the country’s credit structure along with a prudent monetary policy and reasonable credit growth.
More support will be extended to small and micro-sized companies, the agricultural sector, services and energy-saving industries, according to a council statement.
It also vowed to curb the irrational growth of fundraising costs, cut redundant procedures, clean up unnecessary charges and improve credit management at commercial banks.
Along with those steps, China will develop financial institutions that mainly serve small enterprises and the agricultural sector.
Meanwhile, the country will steadily push the liberalization of interest rates to allow the market to play its role.
The repeated stress on credit support to targeted sectors comes as authorities hope to help support growth while avoiding capital flows to the property sector.
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