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China to strengthen financial support for private enterprise, commits to innovation-driven development

By Caribbean News Global fav

BEIJING, China – The People’s Bank of China (PBOC), the nation’s central bank, reports China plans to enhance financial backing for private companies by implementing a series of steps to raise the share of loans directed towards them; meantime Chinese president Xi Jinping emphasised China’s commitment to bolstering innovation-driven development.

The PBOC’s financial markets department deputy chief, Ma Jianyang, mentioned that the Chinese central bank has created guidelines to reinforce financial assistance for private businesses. These guidelines will be finalized and put into action in the upcoming period.

According to Ma, the PBOC will guide financial institutions to raise the importance of private enterprises’ services in their performance evaluation, increase credit loans and boost private enterprises’ bond offerings.

In addition, IPOs and refinancing of private enterprises will also be supported, Ma said at a conference where leaders of financial regulators, stock exchanges, financial institutions and private enterprises gathered to promote work related to strengthening financial support for private enterprises, as reported by China Daily, a partner of TV BRICS.

Meanwhile, addressing the Global Trade in Services Summit at the 2023 China International Fair for Trade in Services, president Xi Jinping announced China’s intention to accelerate its efforts in fostering new growth avenues, especially focusing on the digitalisation of service trade.

“This includes rolling out pilot reforms centered on foundational systems for data. Through such reforms and innovative measures, Xi envisions a robust expansion of digital trade.”

In view of environmental concerns, president Xi revealed plans for the establishment of a national trading market dedicated to voluntary greenhouse gas emission reduction and underscored the significance of the services industry in championing green development. China, also aims to harmonize the growth of service trade with advancements in modern service industries, high-end manufacturing, and contemporary agriculture.



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