China's top financial regulators led by the central bank vowed Wednesday to further support the financial needs of private companies, urging banks to ramp up lending to the private sector.
Authorities are formulating policy documents, in which China's financial institutions are urged to set annual targets for serving private firms and expand loans to companies that are first-time borrowers, the state-run Securities Times reported. Attendees at the meeting included the central bank, top foreign exchange and securities regulators and the newly-established National Administration of Financial Regulation. The Shanghai and Shenzhen bourses, representatives from major state lenders and private companies were also present at the meeting, state media reported.