Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 21 (Xinhua) — China will further boost financial support for small and micro enterprises by expanding supply and reducing financing costs, and improving the effectiveness and targeting of support measures, according to a directive issued by eight departments on Wednesday.
The document, jointly released by the State Financial Supervision Administration, the People’s Bank of China, the National Development and Reform Commission and other departments, includes 23 specific measures to strengthen financing for small and micro enterprises.
To expand the supply of financing for such companies, the country’s authorities are stepping up the issuance of first-time loans, unsecured loans, medium- and long-term loans, loans for legal entities and for private enterprises.
According to the document, financial support for small and micro enterprises in the agricultural sector will be strengthened through the use of structural monetary instruments, including refinancing.
It is indicated that China will also support small and micro enterprises in obtaining financing through the issuance of shares.
To reduce the cost of financing small and micro enterprises, the authorities will guide banks to reasonably determine loan rates for such companies, while reducing additional fees.
The directive also notes that the authorities will encourage banks to improve the efficiency of financing, simplify loan applications and streamline loan approval procedures. Additional support will be provided to small and micro enterprises of scientific, technical and innovative types, as well as those implementing new business models in the field of foreign trade. –0–