BEIJING, Dec. 13 -- China will smooth the transmission mechanism of monetary policies and further bring down overall financing costs for small and micro-businesses as part of efforts to address their financing difficulties.
The arrangements were made on Thursday at the State Council's executive meeting chaired by Premier Li Keqiang.
Thanks to multi-pronged efforts, by the end of October, the balance of inclusive loans to small and micro businesses increased by 23.3 percent, nearly 11 percentage points higher than the overall loan growth. Interest rates for these firms came down by 0.64 percentage points.
"Keeping employment stable will be our top priority next year. As stable employment largely hinges on small and micro-sized businesses, we must give them more support," Li said.
Guided by the decisions laid down at the Central Economic Work Conference, the meeting decided to bring down overall financing costs of inclusive loans for small and micro businesses by another 0.5 percentage points next year, and make sure that inclusive loans continue to grow faster than overall loans, and that such loans issued by the five major state-owned commercial banks increase by no less than 20 percent.
"While there is fairly sufficient 'water' in the 'pond', private companies, especially small and micro ones, still find it difficult to access affordable financing. It is imperative to take decisive measures to improve the monetary transmission mechanism and bring down real interest rates," Li said.
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