Caixin
Nov 10, 2018 05:40 AM
FINANCE

Cabinet Urges Lower Lending Rates for Private Sector

Banks’ loans to non-state companies accounted for less than a fourth of total loans in China. Photo: VCG
Banks’ loans to non-state companies accounted for less than a fourth of total loans in China. Photo: VCG

Chinese authorities are stepping up measures to expand credit to private companies in a bid to bolster the cooling economy. Bank stocks fell amid the central government’s continued pressure on lenders.

The State Council, the cabinet, in the most recent move called on the country’s major commercial banks to lower average lending rates for small enterprises by 1 percentage point from the level of the first quarter, according to a statement (Link in Chinese) published after a Friday meeting chaired by Premier Li Keqiang.

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