Business
22:04, 21-Aug-2017
China to promote financing guarantee for small firms and rural sector
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China is going to boost financing guarantee services for small and micro businesses and the rural sector, according to the rules which is published under a State Council decree signed by Premier Li Keqiang Monday.
Under the new rules, China's financing guarantee companies should offer more services for small and micro businesses and the rural sector at relatively low rates.
Local governments should increase fiscal support for such companies while information technology such as big data should be adopted to better meet the demands of small firms and rural development, the rules stated.
China is going to boost financing guarantee services for small and micro businesses and the rural sector. /Xinhua Photo
China is going to boost financing guarantee services for small and micro businesses and the rural sector. /Xinhua Photo
Government-backed financing guarantee companies will be supported, and cooperation between the government, banks and financing guarantee companies will be promoted, according to the news rule.
Beijing is working to channel funding to small and micro businesses and the rural sector, which are usually less favored by banks due to higher credit risks than state-owned giants and other sectors.
Under the new rules, China's financing guarantee companies to improve business standards and risk control is also required.
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