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China to unveil fresh financial reform measures to bolster economy

China to Unveil Fresh Financial Reform Measures to Bolster the Economy

BEIJING – The State Council’s Office of Financial Stability and Development Committee on Wednesday announced that China will be introducing 11 economic reform steps shortly.
An enhanced incentive and restriction system will be implemented to enable commercial banks to more effectively offer financial services to small and micro businesses, according to the announcement.
Banks will be tested in areas such as credit allocation, enforcement of regulatory policies and creativity in product and service and will be encouraged to include differentiated pricing when lending to those firms.
More restructuring of small and medium-sized banks should be pursued, such as speeding the replenishment of these banks’ resources, increasing funds through various channels and integrating resources replenishment with corporate governance optimization.
State funding guarantee agencies at all levels are expected to assist small businesses and producers in a bid to share risks and help companies restart work and resolve the challenges.
There will be stepped up attempts to crack down on financial breaches.
In addition, measures to regulate the registration of initial public offering of stocks on ChiNext and further open up the credit rating industry, among others, will also be introduced.
Commenting on the announcement, Wen Bin, Chief Analyst at China Minsheng Bank, said that implementing the measures would improve the capital market’s performance, better protect investors’ rights and interests, and preserve financial stability to better support economic and social recovery and growth.
(Sahar News Monitoring Desk)

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