China ramps up financial support to fuel private sector growth

China's central bank held a meeting on Wednesday to enhance financial support for private enterprises, attended by high-ranking officials from regulatory bodies and representatives of private enterprises.

Governor of the People's Bank of China Pan Gongsheng reaffirmed the bank's commitment to maintaining adequate liquidity and directing financial resources to support private enterprises, as well as small and micro enterprises.

Accordingly, Ma Jianyang, the central bank's deputy director of the Financial Market Department, emphasized ongoing efforts to increase the proportion of loans to private enterprises. He urged financial institutions to establish annual service targets for private enterprises, increase the weight of servicing private enterprises in performance assessments, and actively expand first-time private business loans.

Zhou Liang, deputy director of the China Banking and Insurance Regulatory Commission, outlined plans to redirect credit resources and financing options to private enterprises and motivate banks and insurance companies to expand their financial product offerings. This is part of a wider initiative to fulfill the financing needs of private enterprises and allocate more financial support to sectors involving advanced manufacturing, technological innovation, environmental protection, and foreign trade.