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Private investment has dropped to record lows and grew only 2.1
percent in the first eight months of the year. A member of
China's central bank monetary committee attributed a slowing
economy and industrial overcapacity to fewer investment
opportunities.
Nearly half of the 26 policy measures issued by the National
Development and Reform Commission (NDRC) to boost private
investment aim at improving financial services.
They include encouraging policy and development banks to provide
credit support for qualified small- and micro-firms, and setting
up investment funds in key areas to boost support for companies
still in the initial growing stage.
To ease financing pressures for small- and micro-firms, China
will set up a national financing guarantee fund and push for
full coverage by provincial credit re-guarantee institutions,
the planner said.
Financing channels for private enterprises will also be expanded
as qualified companies will gain support in bond issuance,
initial public offerings, and refinancing endeavors.
China will also hasten the pace of approvals for private banks
in a case-by-case fashion, it added.
(Reporting by Yawen Chen and Nicholas Heath; Editing by Clarence
Fernandez)
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