Financial institutions be will be supported in issuing 300 billion yuan of financial bonds to be used as loans exclusively targeting small firms.
The meeting called for an increase of one trillion yuan over the previous year in the net financing from corporate credit-backed bonds to expand low-cost financing channels for private and smaller businesses.
It also encouraged developing supply-chain financial products such as raising funds pledged against orders, warehouse receipts and accounts receivable. Smaller firms may thus gain access to another 800 billion yuan of annual financing backed by accounts receivable.
The meeting urged strengthening the loan risk sharing mechanism. It encouraged developing commercial insurance products to enhance credit for micro, small and medium-sized businesses, and lowering the government-backed financing guarantee fees to ease the overall financing burden on smaller firms.
"The small and medium banks must meet the eligibility criteria when accessing the re-lending quota. The loan risk sharing mechanism should be strengthened, including targeted cuts to the required reserve ratio for smaller banks," Li said.
Those at the meeting also decided on steps to boost auto consumption. The subsidy and tax exemption for purchases of new energy vehicles, which were set to expire at the end of this year, will be extended by two years.
Support will be intensified for low-income groups, the meeting decided. Between March and June, the temporary monthly subsidy will be doubled under the mechanism of raising social benefits pro rata with price increase. Those caught in outbreak-induced difficulties will be covered by social protection and work support schemes such as the subsistence allowance scheme, the support regime for people in extreme poverty and the provisional relief program.
【国内英语资讯:China to roll out a mix of fiscal and financial policies to vigorously meet challenges】相关文章:
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