Efforts will be stepped up in issuing the 1.35 trillion yuan of special bonds for local government to see more tangible progress on ongoing infrastructure projects.
Prudent monetary policy will be neither too tight nor too loose, and aggregate financing and liquidity will remain sufficient, the meeting announced. A better and smoother transmission mechanism is needed to see credit policy incentives effectively introduced and delivered. Financial institutions will also be called on to use the money released from cuts in their required reserves to support small and micro businesses and debt-to-equity swap.
The government will step up efforts to ensure delivery of the state financing guaranty fund, targeting at 140 billion yuan of loans for about 150,000 small and micro firms each year.
Solid implementation is urged of the re-lending policy targeting small businesses. Commercial banks will also be encouraged to issue financial bonds to these businesses with the bond issuers exempted from the requirement of continuous profit-making.
Local authorities that have made visible progress in expanding financing guarantee and reducing costs for small businesses will be meaningfully rewarded.
At the same time, the government will resolutely phase out the "zombie" companies to free up their under-used funding, and crack down on illegal financial institutions and activities to forestall risks.
"Any financial and fiscal policy measure must be considered in a broader context and all measures be well synergized and fully delivered to reduce costs for businesses in the real economy and sustain the sound momentum of growth through the latter half of the year," Li stressed.
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