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China's authorities have pledged to increase credits and financial support in order to reach stability in the economic field.
The People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission agreed that regarding key businesses and some other fields they would increase credit issuance and enhance financial support.
According to the meeting, the financial support would be granted for micro, small and medium-sized enterprises, green development, scientific and technological innovation, energy supply, water conservancy, and infrastructure, among others.
The meeting called on the financial system to accomplish the wield policy tools and underpin the high-quality economic development by expanding credit as the pressure on the economy continues to increase because of internal and external factors.
The session highlighted the importance to promote the steady growth of real estate credit; deferring repayments on loans to micro, small and medium-sized enterprises, individual businesses, and truck drivers; and postponing repayments on housing, consumption, and other loans affected by the hit of the pandemics.
China cranked up pressure on banks to increase lending amid downward pressure on the economy, calling 24 top lenders on the carpet and ordering them to pour on the credit.https://t.co/s84witwTKr
The Bank of China pledged to boost the quota of loans with reference to small businesses. It also said it would guide local financial institutions to grant more loans, and roll out new policies to enhance credit support.