By lowering the reserve requirement ratio (RRR), increasing re-lending and re-discount quota and deepening the loan interest reform, the amount of new RMB loans made between January and May has seen significant increase over the same period last year. Overall financing costs faced by companies trended downward.
Stronger efforts were urged to bring down the lending and corporate bond rates, make concessional-rate loans, defer loan repayment for micro, small and medium enterprises, and support the issuance of un-collateralized loans to small and micro companies, reduce fee-charging from banks
The meeting called for better leveraging such policy tools as RRR cuts and re-lending to keep liquidity reasonably sufficient, and intensifying efforts to make financing more accessible for enterprises and help them tackle the financial woes. The goal this year is for both new RMB loans and aggregate financing to expand more than last year.
"Market principles should be followed in making the interest concessions. Financial institutions need to ensure that their measures are well-calibrated with the right focus," Li said.
The newly increased funds should be funneled into manufacturing and the service sector, especially smaller companies therein, to provide the much-needed relief to enterprises in times of hardship. The funds are also expected to make financial institutions more motivated and better equipped in serving the needs of smaller firms.
【国内英语资讯:China to encourage financial institutions to make interest concessions and expedite fee cuts】相关文章:
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