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The People's Bank of China headquarters in Beijing, China, July 20. /CFP
The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission held a joint conference to discuss financial support for the development of the real economy and the mitigation of financial risks on Sunday.
The meeting highlighted that M2, a broad measure of money supply, and social financing as well as new yuan-denominated loans have continued to maintain a rapid growth.
In the first seven months this year, China's new yuan-denominated loans totaled 16.1 trillion yuan ($2.21 trillion), an increase of 1.67 trillion yuan ($229 billion) compared to the same period last year.
The meeting emphasized that financial support for the real economy must be adequate, steady, sound and sustainable, and major financial institutions should play a proactive role in steadily increasing loan issuance.
Major financial institutions should also guide and enhance the stability of credit growth and financial support for the real economy, with a focus on micro and small businesses, sci-tech innovation, and green development, said the conference.
The meeting called for continuous efforts to promote the reduction of financing costs in the real economy, standardize the steady lowering of loan interest rates, and coordinate the prices of increments, stock, and other financial products.
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Disinformation report hotline: 010-85061466