China's State Council says the country's central bank is rolling out a series of bond financing support tools for private enterprises, aimed at easing financing difficulties and creating a better business environment. These support tools come from the People's Bank of China (PBOC) and will source part of their initial funds through refinancing mechanisms, in a bid to boost the growth of China's private sector. The bank's vice president and China's foreign exchange chief, Pan Gongsheng, says the tools will help stabilize and optimize the national business climate, adding that private enterprises are a key driving force in China's market economy.

PAN GONGSHENG VP OF PBOC AND DIRECTOR OF STATE ADMINISTRATION OF FOREIGN EXCHANGE "Private enterprises play an important role in China's economic development. They have significant potential to help stabilize financial growth, promote innovation, increase employment, and improve people's livelihoods. Early this year, some private enterprises encountered difficulties in their operations and financing. In response to these problems, the State Council and PBOC decided to set up bond financing support tools for private businesses. We also reduced administrative licensing requirements, simplified the investment approval process, reduced corporate taxes and improved the efficiency of government services."