China pledges greater credit support to stabilize economy

Chinese authorities have pledged to increase credit issuance and enhance financial support for key businesses and fields.
Strengthened financial support will be given for micro, small and medium-sized enterprises, green development, scientific and technological innovation, energy supply, water conservancy and infrastructure, among others, according to a meeting jointly held by the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission. Downward pressure on the economy continues to increase due to the unexpected factors at home and abroad, the meeting said, calling on the financial system to fully wield policy tools and underpin the high-quality economic development by expanding credit. Efforts should be made to promote the steady growth of real estate credit; defer repayments on loans to micro, small and medium-sized enterprises, individual businesses and truck drivers; and postpone repayments on housing, consumption and other loans that were severely affected by the epidemic, according to the meeting. The PBOC has pledged to double the quota of inclusive loans to smaller businesses, guide local financial institutions to grant more loans, and roll out new policies to enhance credit support. – Xinhua