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Chinese leaders are trying to revive the economy and fend off
potential financial risks from a property slump and 92 trillion
yuan ($12.77 trillion) in local government debt.
Financial institutions will meet reasonable financing needs of
property firms and refrain from withdrawing or cutting off loans
to them, the securities regulator said on Friday, after a
meeting held by the central bank and financial regulators.
Recent efforts to stabilize financing for the real estate sector
via bank credit, bonds, and equity are gaining traction, the
China Securities Regulatory Commission said.
China will promote stable credit expansion to support its
economic growth, and financial institutions should work with
local governments to resolve debt risks, by extending, swapping
or rolling over debt, the regulator added.
($1 = 7.2050 Chinese yuan renminbi)
(Reporting by Kevin Yao and Ella Cao; editing by Christina
Fincher, William Maclean)
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