November 8, 2018 / 8:40 AM / a year ago

China pushes credit support for private firms

BEIJING, Nov 8 (Reuters) - The head of China’s banking and insurance regulator said on Thursday that targets will be set for banks on loans provided to private companies in a bid to ease financing pressure.

At least a third of big banks’ new loans to companies should be to privately owned firms, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said in an interview with a central bank publication.

At least two-thirds of small and medium-sized banks’ new loans to companies should be to private businesses, and no less than 50 percent of new loans by the banking sector should be to private firms after three years, Guo was quoted as saying.

Banks should not simply withdraw loans from companies facing difficulties making repayments, he said, urging banks to simplify financing-related procedures for private firms. (Reporting by Beijing Monitoring Desk; Editing by Nick Macfie)

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