BEIJING : Chinese Premier Li Keqiang signalled plans to free up more cash for the country's banking system in a bid to boost lending to small businesses as leaders look to kickstart the world's number two economy.
Li said he was"very concerned about the financing of small and micro businesses" and the government will"increase support for small and medium-sized banks" that directly serve these businesses, Xinhua reported. However, recent data has pointed to a mild improvement in some areas of the economy, while a mini trade deal with the US that will see the rolling back of some tariffs should ease some of the pressure on growth.
Li's remarks came a day after China's cabinet unveiled measures to support private companies by further opening up major industries to non-state firms and putting in place mechanisms that would give them the same regulatory treatment.