国内英语资讯:Fiscal, financial measures on the way to help small businesses_时事

国内英语资讯:Fiscal, financial measures on the way to help small businesses

Monetary tools will be applied to raise credit support for small and micro businesses. Targeted cuts in banks' reserve requirement ratios and other monetary policy tools will be used to boost credit supply to small and micro businesses.

Also, loans of businesses with credit quota of less than five million yuan can be included as qualified collateral for mid-term lending facility.

Banks who have yet to establish a financial inclusion department will be encouraged to open branches for communities and small businesses. It was also made clear in the Wednesday meeting that financial institutions will be prohibited to levy credit pledging fee or fund management fee on small and micro businesses to cut financing surcharges.

"The issue of lack of affordable financing for small and micro businesses must be taken seriously," Li said. "The mentality that big banks can only serve big businesses must be rejected. Financial services for small businesses and individuals must be improved."

This is the third time the State Council put the lowering of financing costs for small and micro businesses on the agenda of its weekly executive meeting since the new government assumed office in March. The establishment of a state financing guaranty fund was announced at the meeting on March 28 to help ease financing difficulties for small and micro businesses, farmers, agriculture and rural development. And banks will henceforth be evaluated for their performance on inclusive finance to ensure lower financing costs for the real economy this year, as was decided at the meeting on April 25.