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China's central bank governor vows to improve the financial accessibility of private enterprises

By Dong Feng (People's Daily)    14:38, October 25, 2018

Yi Gang, governor of the People's Bank of China, the central bank, said on Thursday that private enterprise bond financing support tools should be leveraged to inject capital for private companies.

Yi Gang, governor of the People's Bank of China (Weng Qiyu/People's Daily Online)

Yi noted that the government will continue to create a good financing environment for the development of private enterprises at a meeting for research purposes.

The private sector is operating soundly. The backdrop of increasing downward pressure on the economy and complicated and volatile domestic and international situations, some private enterprises are facing problems including management and financing difficulties.

Yi said the People’s Bank of China will continue to implement a stable and neutral monetary policy, and maintain a reasonable and sufficient liquidity.

More efforts will be made to optimize the policy system and guide financial institutions to provide financing support to private enterprises with prospects, market and technology advantages. Those companies that are facing liquidity difficulties and controllable risks, more help should be provided to stabilize private enterprise financing and enhance market confidence, he added.

Effective measures should be taken to support local governments to help unleash the growth potential of local conditions. Policies should be developed and implemented to solve the problem of financing difficulties for some private enterprises in the region.

Yi Gang stressed at the meeting that financial institutions should provide more financing support for private enterprises.

At decision points for loan issuance and bond investment, the state-owned economy and the private economy should be treated equally.

Major banks should play a leading role, to capitalize the advantages of private enterprises, while improve banks’ capability in risk pricing, innovate financial products and services, build a business sustainable model for private enterprises, he said. 

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