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China Unveils New Funding Arrangements for Small, Private Sector Businesses

The Ministry of Finance has announced a range of measures designed to boost the development of small and micro firms in the private sector, particularly with regard to funding and access to financial services. In line with this, the Ministry of Finance will be working closely with the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the People’s Bank of China and the China Banking and Insurance Regulatory Commission to ensure all available funds are appropriately deployed.

As outlined in the Circular on Giving Financial Support to the Work of Deepening the Comprehensive Reform of Financial Services for Private Enterprises and Small and Micro Firms in Pilot Cities (Cai Jin No. 62 [2019]), the initial programme will include the allocation of RMB2 billion (US$290 million) per annum from a dedicated fund to promote financial inclusion in general and to provide support to a number of designated pilot cities in particular from this year onwards. The Ministry of Finance’s initiative is in line with an earlier undertaking on the part of the State Council.

Source: Ministry of Finance

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