Banks urged to step up credit support for stabilizing economy

A staff member displays the banknotes and coins included in the 2019 edition of the fifth series of the renminbi at an Industial and Commercial Bank of China (ICBC) branch in Beijing, capital of China, Aug. 30, 2019. (Xinhua/Chen Yehua)

BEIJING, Nov. 21 (Xinhua) -- China's national commercial banks have been urged to step up credit support for key areas, weak links, and sectors and groups hit hard by the COVID-19 epidemic in an effort to stabilize the economy.

At a work conference on credit business on Monday, the People's Bank of China and the China Banking and Insurance Regulatory Commission called on the major lenders to take the leading role and make good use of policy-backed and development-oriented financial instruments to expand medium and long-term loans.

The loan demand from the manufacturing and service sectors should be actively met, the meeting urged, citing policy tools of the special re-lending facility for equipment upgrading and renovation and government-funded interest subsidies.

Small and micro businesses, the self-employed and truck drivers will see greater financial support, including the repayment extension of inclusive loans.

In terms of property lending, banks were asked to adopt differentiated approaches from city to city and meet people's needs for basic housing and improved conditions.

Efforts should be made to stabilize loans to real estate developers and construction enterprises, and support the reasonable demand for individual mortgages. Private developers are supported in raising funds through bond issuance.

Efforts will also be initiated to ensure timely deliveries of pre-sold housing to promote the stable and healthy development of the property market, according to the meeting.