Nov 09, 2018 06:23 AM

Top Bank Regulator Calls for More Lending to Private Sector

Guo Shuqing. Photo:VCG
Guo Shuqing. Photo:VCG

Another top Chinese official called for stepping up credit support for the private sector as China’s economic expansion slowed to its weakest pace since the financial crisis.

Although the private sector accounts for more than 60% of the economy, it receives only 25% of the loans, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in an interview published Wednesday in a state-run newspaper. In the long term, banks’ credit support for private enterprise should match the private sector’s share of the national economy, Guo said.

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