BEIJING :An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported. Relevant financial departments are formulating policy documents with this goal in mind,
BEIJING :An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported.
The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said. Analysts have cut their growth forecasts for the year to below the government's target of about 5 per cent, as they also factor in a worsening of the crisis in the property sector and weak consumer spending.
The Shanghai and Shenzhen bourses, major banks including the Industrial and Commercial Bank of China and China Construction Bank as well as at least 11 private firms participated the meeting, according to Yicai financial news.
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