More credit urged for small biz
3 years, 5 months ago

More credit urged for small biz

China Daily  

The booth of China Minsheng Bank promotes lending to smaller businesses during an expo in Beijing. Central bank asks lenders to utilize special policy tools, shore up real economy China's central bank has urged banking financial institutions to increase credit supply to smaller businesses. The PBOC also called upon lenders to scale up inclusive financing services, and continually increase credit to small and micro enterprises, particularly those availing bank loans for the first time. But, extending more loans to SMEs might make rural commercial banks vulnerable as the latter have smaller buffers to withstand bad loans, said Nicholas Zhu, an analyst with Moody's. "As corporate revenues and household incomes recover, regulators should normalize loan classification and provisioning rules as planned, to ensure banks properly recognize non-performing loans and hold adequate capital and liquidity buffers," said Sebastian Eckardt, lead economist for China at the World Bank, in a recent interview.

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China unveils measures to boost financing for businesses
2 months, 1 week ago

China unveils measures to boost financing for businesses

China Daily  

High-rises dominate the skyline on both sides of the Huangpu River in Shanghai. China will introduce an innovative quality financing and credit enhancement policy to ease financing challenges for small and micro-sized enterprises, as well as a guideline to support platform companies to use online traffic efficiently, according to a State Council conference on Monday. Luo Wen, head of the …

China unveils measures to boost financing for businesses
2 months, 1 week ago

China unveils measures to boost financing for businesses

China Daily  

High-rises dominate the skyline on both sides of the Huangpu River in Shanghai. China will introduce an innovative quality financing and credit enhancement policy to ease financing challenges for small and micro-sized enterprises, as well as a guideline to support platform companies to use online traffic efficiently, according to a State Council conference on Monday. Luo Wen, head of the …

Big banks cut deposit rates to strengthen sector stability
4 months, 4 weeks ago

Big banks cut deposit rates to strengthen sector stability

China Daily  

This file photo shows a worker counting Chinese currency at a bank in Lianyungang, East China's Jiangsu province. Several major Chinese commercial banks cut deposit rates on Thursday, signaling a new round of deposit rate cuts that could pave the way for further reductions in policy benchmarks of lending rates to bolster economic growth, market analysts said. The LPR reduction …

China lowers MLF interest rate to reduce financing costs
4 months, 4 weeks ago

China lowers MLF interest rate to reduce financing costs

China Daily  

File photo shows an exterior view of the People's Bank of China in Beijing, capital of China. BEIJING - China's central bank on Thursday lowered the medium-term lending facility interest rate to decrease the borrowing costs of the real economy. The People's Bank of China on Thursday also pumped 200 billion yuan into the market via the MLF, which will …

China lowers MLF interest rate to reduce financing costs
4 months, 4 weeks ago

China lowers MLF interest rate to reduce financing costs

China Daily  

File photo shows an exterior view of the People's Bank of China in Beijing, capital of China. BEIJING - China's central bank on Thursday lowered the medium-term lending facility interest rate to decrease the borrowing costs of the real economy. The People's Bank of China on Thursday also pumped 200 billion yuan into the market via the MLF, which will …

China ramps up financial support for SMEs to spur economic vitality
5 months, 3 weeks ago

China ramps up financial support for SMEs to spur economic vitality

China Daily  

A robotic arm works on a photovoltaic module production line of a new energy company in Ordos, Inner Mongolia autonomous region, on March 21, 2024. BEIJING -- China has significantly enhanced financial support measures aimed at small and medium-sized enterprises to boost economic vitality. In April, China set up a re-lending program worth 500 billion yuan to promote technological innovation …

PBOC sets goals to support economic growth, development
11 months, 2 weeks ago

PBOC sets goals to support economic growth, development

China Daily  

Headquarters of the People's Bank of China, the central bank, is pictured in Beijing. China's central bank will work to sustain buoyant financing activity while expanding financial opening-up this year as part of its efforts to effectively support economic growth and high-quality development. The People's Bank of China, the country's central bank, said on Friday that it will focus on …

China's central bank pledges further support for private enterprises
1 year, 4 months ago

China's central bank pledges further support for private enterprises

China Daily  

File photo shows an exterior view of the People's Bank of China in Beijing. BEIJING -- The People's Bank of China, the central bank, has pledged to increase financial support for the country's private enterprises. The PBOC will strengthen coordination between financial, fiscal and industrial policies, and will guide more financial resources into the private economy, said Pan Gongsheng, the …

China's central bank pledges further support for private enterprises
1 year, 4 months ago

China's central bank pledges further support for private enterprises

China Daily  

File photo shows an exterior view of the People's Bank of China in Beijing. BEIJING -- The People's Bank of China, the central bank, has pledged to increase financial support for the country's private enterprises. The PBOC will strengthen coordination between financial, fiscal and industrial policies, and will guide more financial resources into the private economy, said Pan Gongsheng, the …

Small business owners feel the credit crunch
1 year, 8 months ago

Small business owners feel the credit crunch

Associated Press  

NEW YORK — When Nat West, owner of cider-making company Reverend Nat’s Hard Cider, decided to supplement his wholesale business by opening a taproom in a bustling neighborhood in Portland, Oregon, he thought getting financing would be a breeze. Following the recent collapse of Silicon Valley Bank and Signature Bank, some lenders – particularly the small and midsize banks that …

China strengthens lending support for private enterprises
3 years ago

China strengthens lending support for private enterprises

China Daily  

BEIJING -- China has increased lending support for the private sector, with new loans to private enterprises reaching 5 trillion yuan in the first 10 months of 2021, according to China's top banking and insurance regulator. Outstanding loans to private enterprises by banking financial institutions stood at 53.1 trillion yuan as of September this year, 15 trillion yuan more than …

More credit urged for small biz
3 years, 5 months ago

More credit urged for small biz

China Daily  

The booth of China Minsheng Bank promotes lending to smaller businesses during an expo in Beijing. Central bank asks lenders to utilize special policy tools, shore up real economy China's central bank has urged banking financial institutions to increase credit supply to smaller businesses. The PBOC also called upon lenders to scale up inclusive financing services, and continually increase credit …

After halting Ant’s big IPO, China reportedly wants to go further
4 years, 1 month ago

After halting Ant’s big IPO, China reportedly wants to go further

Al Jazeera  

The shock suspension of Ant Group Co.’s $35 billion initial public offering is just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma. Authorities are now setting their sights on Ant’s biggest source of revenue: its credit platforms that funnel loans from banks and other financial institutions to millions of consumers …

Online small lending to face scrutiny
4 years, 1 month ago

Online small lending to face scrutiny

China Daily  

A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. China will impose tighter regulations on online small lending offered by microloan companies to prevent risks, ensure legitimate interests of customers, and promote the healthy development of such business. Regulators aim to standardize online small lending, as microloan companies grew this type of business …

Financing for small firms gets priority
4 years, 4 months ago

Financing for small firms gets priority

China Daily  

The People's Bank of China, the central bank, has stepped up countercyclical adjustments and launched multiple, innovative monetary instruments with direct access to small businesses to stabilize enterprises and secure employment, according to Yi Gang, the central bank governor. The outstanding balance of loans to micro and small enterprises with a total credit line of up to 10 million yuan …

Policies should focus on upgrading SMEs, not just emergency relief
4 years, 5 months ago

Policies should focus on upgrading SMEs, not just emergency relief

China Daily  

Employees work on the production line of an electronic products company in Shaoyang, Hunan province, on June 17. The government policies that made this possible are partly a response to the economic disruptions caused by the COVID-19 pandemic, but they predate the coronavirus and are designed to support and upgrade the nation's SMEs. In many ways, the measures to upgrade …

Policies should focus on upgrading SMEs, not just emergency relief
4 years, 5 months ago

Policies should focus on upgrading SMEs, not just emergency relief

China Daily  

Employees work on the production line of an electronic products company in Shaoyang, Hunan province, on June 17. The government policies that made this possible are partly a response to the economic disruptions caused by the COVID-19 pandemic, but they predate the coronavirus and are designed to support and upgrade the nation's SMEs. In many ways, the measures to upgrade …

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