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China will deepen regional financial reforms, lower funding costs
China will deepen its regional financial reforms, using various policy tools to lower corporate funding costs, especially for small firms, Chen Yulu, a vice governor of the People's Bank of China, said on Monday.
Chinese policymakers have pledged to maintain support for the slowing economy and prod banks to lend more to small and private firms that are vital for growth and employment.
"We will use a variety of tools and explore effective ways to reduce financing costs of enterprises, especially for small, private firms," Chen told reporters at a briefing.
China has been experimenting with several regional reform schemes, including one on supporting small firms in Zhejiang and Henan, a scheme on green financing in provinces including Zhejiang, Guangdong and Guizhou, the central bank said.
Other schemes aim to promote financing support for the Guangdong-Hong Kong-Macau Greater Bay Area and other key regional development plans, and a pilot on enhancing the yuan's convertibility in Shanghai's free trade zone, it said.
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