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China's central bank vows more support for private enterprises

Xinhua | Updated: 2019-01-04 23:50

Headquarters of the People's Bank of China, the central bank, is pictured in Beijing, Aug 3, 2018. [Photo/VCG]

BEIJING, Jan. 4 -- China's central bank will further encourage financial institutions to support private enterprises, especially small and micro-sized firms in 2019.

Local governments are encouraged to set up financing funds for private enterprises, and supportive tools for equity and bond financing for private firms will also be promoted, according to a statement released Friday after a work conference of the People's Bank of China (PBOC).

Stronger support will also go to high-tech firms, emerging sectors, and manufacturers undergoing structural upgrading.

The PBOC said it will keep the prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level and the market interest rate level reasonably stable.

Measures will be taken to stabilize the macro leverage rate, work on the rollout of regulations on financial holding firms, address shadow banking risks and regulate the internet finance sector, the statement said.

The PBOC decided Friday to cut the reserve requirement ratio (RRR) by 1 percentage point in a move to increase loan funding sources of small, micro, and private businesses.

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