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Cabinet Reaffirms No ‘Flood-Like’ Stimulus, Continued Support for Small Firms

By Han Wei / Apr 18, 2019 02:59 AM / Economy

Photo: VCG

Photo: VCG

The State Council, China’s cabinet, vowed again Wednesday that it will continue to help small businesses get cheaper credit but will not resort to “flood-like” stimulus amid rising international concerns that China’s pro-growth policies could reverse its years-long progress toward deleveraging the economy.

China will continue implementing a prudent monetary policy and will flexibly use monetary policy tools to expand credit via relending and rediscount, according to a statement released after a regular cabinet meeting chaired by Premier Li Keqiang.

The cabinet said it will set up a policy framework to allow small and medium-sized banks to be subject to lower reserve requirements to encourage their lending to the private sector and small businesses.

The government will make bigger cuts to financing costs for small and micro enterprises this year compared with the cuts of last year, the cabinet said.

Related: International Warnings Mount Over Potential Impact of China Stimulus

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