Multiple Chinese financial institutions, including major banks, announced the introduction of specific measures of innovative financial service models to increase financial support for private enterprises in various fields on Wednesday.
On March 12, the All-China Federation of Industry and Commerce and the Industrial and Commercial Bank of China (ICBC) jointly released an action plan with 10 measures around sectors including sci-tech finance, and green and low-carbon development to support private enterprises in strengthening independent innovation and developing new quality productive forces.
"We plan to provide investment and financing of no less than six trillion yuan (about 828.98 billion U.S. dollars) for private enterprises in the next three years, focusing on solving their pain points and difficulties by facilitating full-caliber financing in terms of equity, bonds, loans, and insurance, while increasing credit and medium- and long-term capital supply," said Liao Lin, chairman of the ICBC.
The Agricultural Bank of China has been constructing a smart technology financial service platform by leveraging the artificial intelligence technology.
The Bank of China (BOC) announced that it will use digital means to serve private enterprises with a total amount of funds exceeding five trillion yuan this year, while providing stronger financing support for private enterprises' overseas projects.
"We will increase financial support for private enterprises to participate in the Belt and Road cooperation, and plan to support private enterprise projects with an intended financing scale of more than five billion U.S. dollars in 2025. We will remove bottlenecks and pain points in financial services, and eliminate unequal clauses in service processes such as risk appetite, credit policies, and credit approval," said Ge Haijiao, chairman of BOC.
Meanwhile, the ICBC and BOC also announced the establishment of a science and technology innovation fund with a total scale of 80 billion yuan, and a science and technology innovation parent fund with a total scale of more than 50 billion yuan, respectively, to support equity financing of science and technology enterprises and continue to increase support for hard technology and private economy.
Multiple financial institutions vow to further support private economy
National-level financial institutions vow to further support private economy
National-level financial institutions vow to further support private economy
