China to increase financial support for industrial upgrade
Updated: 2016-02-17 07:25
(Xinhua)
|
|||||||||
![]() |
A stevedore works at Qingdao port in Shandong province, July 1, 2015. [Photo/IC] |
China will expand credit to industrial enterprises, make capital and insurance markets more helpful and innovate in corporate financing system, according to a guideline jointly released by eight economic regulators including the People's Bank of China.
Improved financial services will push forward supply-side reform, facilitate overcapacity reduction, accelerate de-stocking and reduce corporate burdens, the guideline said.
The authorities will implement a differentiated strategy targeting different sectors and areas, the guideline said.
The development of emerging sectors and upgrades of traditional ones will receive more support, and financial institutions will be encouraged to make long-term loans to high-tech firms, technical equipment manufacturing and some basic industries.
However, loans to "zombie companies" that have suffered continual losses and are unable to pay back their debts will be slashed or withdrawn, according to the guideline.
To facilitate industrial consolidation, China will widen financing channels for mergers and acquisitions, such as allowing firms to issue preference shares and convertible bonds.
The regulators also promised stronger support for companies exploring foreign markets. Companies will be encouraged to go public, issue bonds and increase asset securitization on overseas markets, use more yuan-denominated outbound lending and make overseas investment in yuan.
China will pursue a steady credit increase, keep liquidity at a proper level and maintain a stable monetary market, the guideline said.
- One of the two dead sperm whales in East China salvaged
- Paid menstrual leave provokes controversy in China
- MIT establishes supply chain education center in China
- 20,000 yuan eaten by ants gives artist a frame for inspiration
- Chinese military sets up corruption hotline
- Foreigners working in Beijing can now buy apartments immediately
- 'Grim Sleeper' murder trial begins six years after arrest
- Cameron defends EU deal as lawmakers offer no guarantees
- Sarkozy placed under investigation in campaign funding probe
- Moscow dismisses accusation of Russia bombing Syrian hospitals
- 2016 Westminster Kennel Club Dog Show held in New York
- Pakistan confirms participation in Saudi-led military drills
One of the two dead sperm whales in East China salvaged
Armless student pursues painting dream
62-year-old folk artist carries on firecracker dragon lantern
Bridge expert's former home converted to restaurant
Excitement, charm and grace: Chinese New Year in UK
Taylor Swift wins Album of the Year at Grammys
Stars spotted at film academy exam in China
Record number of Chinese travel abroad for Spring Festival
Most Viewed
Editor's Picks
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
Today's Top News
Will US-ASEAN meeting be good for region?
Accentuate the positive in Sino-US relations
Dangerous games on peninsula will have no winner
National Art Museum showing 400 puppets in new exhibition
Finest Chinese porcelains expected to fetch over $28 million
Monkey portraits by Chinese ink painting masters
Beijing's movie fans in for new experience
Obama to deliver final State of the Union speech
US Weekly
![]()
|
![]()
|