China pledged more financing support to small businesses to spur economy
MACRO POLICY & REGULATION
China pledged more financing support to small businesses to spur economy
MACRO POLICY & REGULATION

China pledged more financing support to small businesses to spur economy

 

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China pledged more financing support to small businesses as part of efforts to revive the private sector amid a flagging economic recovery.

China will encourage financial institutions to offer targeted and diversified financial support to some small and medium-sized enterprises in the manufacturing sector, according to a joint statement released on Tuesday by the industry and finance ministries, financial and securities regulators and the central bank.

Small and medium-sized enterprises in key industrial sectors will be offered appropriate products for foreign exchange hedging, it said.

Earlier on the day, China’s state planner announced an extension of loan support tools for small businesses until the end of 2024, vowing to expand credit for private firms and meet their demand for land.