BEIJING, July 30 (Xinhua) – China will earmark two billion yuan annually for pilot cities to conduct comprehensive financial services reform for private and small- and micro-businesses (SMBs), reported Shanghai Securities News Monday.
According to the document jointly issued by the Ministry of Finance (MOF) and other four department concerned, the funds are from special funds for inclusive finance development under central finance budget and the term of the supports is temporarily set at three years from 2019 to 2021.
An official from MOF said that the above measures are dedicated to encouraging Chinese cities to explore effective modes for servicing private businesses and SMBs so as to increase the quality and scope of financial services for private firms and SMBs and reduce related costs and risks.
For cites in east, central and west China, funds support varies from 30 million yuan, 40 million yuan to 50 million yuan and Chinese provinces with sound financial conditions are also encouraged to conduct provincial-level pilots in this regard.
According to the MOF official, the funds can support about 60 cities each year from 2019 and regardless of repeated applications for being the pilot city, about 180 cities will gain support from the policy in three years, covering about 50 percent of the prefecture-level administrative regions in China. (Edited by Duan Jing, duanjing@xinhua.org)
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