The State Council, China’s cabinet, on Wednesday unveiled new measures to enhance financing support for private firms as well as small and micro-sized businesses.<\/p>\n\n\n\n
Work should be done to ensure increasing financing at lower costs for small and micro-sized businesses, expand employment and spur new growth momentum, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang.<\/p>\n\n\n\n
The meeting called for larger-scale re-loans and re-discounts and speeding up creation of a policy framework for cutting the reserve requirement ratio for medium and small banks.<\/p>\n\n\n\n
Additional funds released by the monetary tools shall be used for issuing loans to private firms and small and micro-sized businesses, according to the statement.<\/p>\n\n\n\n
The country’s top five State-owned commercial banks will take the lead by increasing outstanding loans to small and micro-sized businesses by over 30 percent and cutting financing costs by 1 percentage point this year.<\/p>\n\n\n\n
The state financing guarantee fund will support guarantee loans of 200 billion yuan ($30 billion) to serve over 100,000 small and micro-sized businesses in 2019.<\/p>\n\n\n\n
Source Xinhua 2019-04-19<\/p>\n","protected":false},"excerpt":{"rendered":"
The State Council, China’s cabinet, on Wednesday unveiled new measures to enhance financing support for private firms as well as small and micro-sized businesses. Work should be done to ensure increasing financing at lower costs<\/p>\n