Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022.
REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported.
The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said.
Investment by private companies shrank 0.5% in the first seven months of the year, bigger than the 0.2% decline for the first half.
The Shanghai and Shenzhen bourses, major banks including the Industrial and Commercial Bank of China (601398.SS) and China Construction Bank (601939.SS) as well as at least 11 private firms participated the meeting, according to Yicai financial news.
Persons:
Tingshu Wang, Ma Jianyang, Yicai, Ellen Zhang, Ryan Woo, Edwina Gibbs
Organizations:
People's Bank of China, REUTERS, Rights, Securities Times, Investment, Industrial, Commercial Bank of China, China Construction Bank, Titan Wind Energy, Longfor Group, HK, Seazen Holdings, Thomson
Locations:
Beijing, China, Rights BEIJING, Shanghai, Shenzhen