BEIJING, March 27 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC), the sector regulator, issued Thursday a circular requiring banking institutions to crank up financial services for enterprises at the core of industrial chains, reported Xinhua Finance, a financial information platform run by Xinhua News Agency.
CBIRC said in the circular that the move targeted helping part of upstream and downstream enterprises alleviate cash flow pressures so as to improve the overall effects of work and production resumption by enterprises in the same industrial chains.
Banking institutions are required to grant more supports to core enterprises of an industrial chain, by adding credit supports for boosting their business operation and cash flow and permitting reasonable credit line.
After financing via credit loans or bonds, enterprises at the core of various industrial chains will also be backed up to use appropriate methods to reduce occupation of funds of upstream and downstream enterprises and help medium-, small- and micro-sized enterprises to resolve cash flow troubles. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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