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China to set up national financing guarantee fund

Source:   Time:

BEIJING, July 31 (Xinhua) -- China's State Council, the country's cabinet, on

Friday announced it will set up a national financing guarantee fund in the latest

effort to boost financial support to the real economy.

China will speed up development of the financing guarantee industry and deepen

reforms in the sector to ease financing difficulties for small- and micro-sized

business, as well as the agriculture sector, according to a statement released

after the State Council executive meeting presided over by Premier Li Keqiang.

Provinces and cities are encouraged to develop a set of government-led financing

guarantee institutions to mainly serve small and micro businesses and agricultural

development, said the statement.

The institutions are asked to be more tolerant of risks related to the targeted

sectors.

The string of policies came as the government works to channel funding to the real

economy, especially to small and micro businesses as banks usually favor big

state-backed giants.

Data from the central bank showed Chinese banks made 948.6 billion yuan (155.5

billion U.S. dollars) in new loans to small and micro businesses in the first half

of the year, accounting for only 26 percent of total new loans to corporate

borrowers in the same period.

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