Small and medium enterprises will be supported in bond and note financing. Regulatory and evaluation methods for commercial banks regarding their financial services for micro and small firms will be refined.

The goal is to enhance the banks' lending capacity to smaller firms. Financial institutions are expected to significantly increase their financial bonds issued for micro and small businesses this year toward the target of no less than 180 billion yuan.

The policy incentives for cutting loan guarantee fees on micro and small businesses must be fully implemented. The role of the State Financing Guaranty Fund should be harnessed in reducing re-guarantee fees and incentivizing further cuts in guarantee charges.

It was also decided at the meeting that the central government will provide fiscal support, in form of reward rather than subsidy, to the three-year, comprehensive pilot reforms concerning the financial services for private, micro and small firms in some cities.

These pilot reforms will explore ways to expand financing for these businesses, make financing easier, lower financing costs, improve the risk compensation mechanism, and support financial innovation to guide more financial resources to smaller companies.

"We must use market-oriented reform measures to see that the real interest rate come down, and reform the transmission mechanism. The purpose of these measures is to deliver concrete benefits to all market players, micro and small businesses in particular, and send a positive signal to the market," Li said.

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