BUSINESS China Construction Bank to give stronger financial support for private businesses

BUSINESS

China Construction Bank to give stronger financial support for private businesses

Xinhua

19:26, November 23, 2018

BEIJING, Nov. 23 (Xinhua) -- China Construction Bank (CCB) has released 26 measures to further improve financial services for private enterprises to facilitate their healthy development.

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CCB (File photo: VCG)

The measures include boosting credit support, alleviating financing difficulties and creating a more fair and convenient financing environment for small and micro enterprises, said CCB Chairman Tian Guoli.

CCB will optimize the incentive mechanism on credit assessment to prioritize financial support for private businesses to boost the development of China's real economy, said Tian.

By the end of September, CCB's outstanding loans to private businesses had grown 10.34 percent year on year to 1.7 trillion yuan, CCB data showed.

Tian said the bank will invest 10 billion yuan ($1.4 billion) to set up a high-tech industry park in Shenzhen to foster the growth of technology startups.

CCB has also raised a seed fund of 30 billion yuan, which is expected to leverage a scale of funding worth 300 billion yuan to support the development of technological innovation-based enterprises.

While guarding against risks, CCB plans to bring the outstanding loans for inclusive finance to 1 trillion yuan in the next three years and keep the non-performing loan ratio within 3 percent, said Tian.

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