China gives preference to poor areas on financial support
BEIJING -- China has issued a guideline to make financial support a priority in abject poverty regions, a central bank statement said Monday.
Abject poverty areas should have priority in receiving newly-added financial capital and services, according to the guideline jointly issued by the People's Bank of China (PBOC), the China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission.
Annual credit growth in those areas should be higher than their provincial average levels by 2020, according to the PBOC statement.
Financial institutions are encouraged to increase credit support for poverty relief programs through relending, in which the central bank extends loans to commercial banks on the condition that they in turn lend to businesses in required sectors.
The guideline said the institutions needed to broaden channels of direct finance, including quick IPO approval for enterprises, in areas of abject poverty.
- Creative fireworks show held in China's 'fireworks capital'
- Chinese scientists achieve net-negative greenhouse gas emissions via electrified catalysis
- At the gateway to China's resistance, memories of war echo 88 years on
- Mainland scholar outlines 10 fallacies in Lai's separatist narrative
- China's first ocean-level smart scientific research vessel delivered in Shanghai
- World's first somatic cell-cloned dzo born in Xizang
