China's central bank pledges further support for private enterprises

The People's Bank of China (PBOC), 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 bank's governor, at a symposium Thursday on enhancing financial support for private enterprises.

The financial sector is obliged to support the development of private enterprises, as the private economy is an important outcome of the development of the socialist market economy, as well as a key force for promoting economic and social development, Pan said.

Pan said the scale of instruments to support private enterprises in debt financing will be expanded, and work will be done to strengthen the financial market's support for private enterprises.

He called on financial institutions to create a favorable environment for the development of private enterprises, enhance their willingness, capacity and sustainability in terms of taking loans, and provide them with reliable, efficient and convenient financial services.

Pan also pledged to precisely implement differentiated housing credit policies, meet the reasonable financing needs of private real estate enterprises and promote the sound development of the real estate sector.