China central bank issues guidelines on boosting support to small firms
BEIJING (Reuters) - China’s central bank on Monday issued comprehensive guidelines on increasing financial support to small and medium-sized firms, asking banks to shift business focus from property and local government financing vehicles to small companies.
The People’s Bank of China (PBOC) would also buy some bank loans extended to small firms under the inclusive financing program from June 1 on a quarterly basis, it said in a statement on its website.
Purchases of the laons from banks that qualify will be conducted via monetary policy tools, it added.
Reporting by Kevin Yao and Stella Qiu; Editing by Gareth Jones