China's banking financial institutions urged to better support private economy

BEIJING - The China Banking Association and the All-China Federation of Industry and Commerce jointly issued a proposal on Monday, calling on the country's banking financial institutions to use more concrete measures to enhance services for private enterprises.

The proposal calls for optimizing credit services for private enterprises by setting annual service targets, increasing credit supply and expanding service coverage. It emphasizes stable and effective incremental credit support for private businesses, and greater support for small and micro enterprises in obtaining first-time loans, roll-over loans, and credit loans.

Banking financial institutions are called on to innovate their products by leveraging their strengths to provide tailored financial services for private enterprises of different types and at different development stages.

To address financing difficulties faced by the small and micro private enterprises, the proposal urges improving the accessibility and convenience of financing options. It also suggests implementing preferential policies aimed specifically at these enterprises, including fee reductions. It advocates for gradually lowering comprehensive financing costs based on reasonable pricing and enhancing service quality and efficiency.

Banking financial institutions are urged to meet the reasonable financing needs of private enterprises and to adopt targeted strategies to address specific challenges, according to the proposal.