BOC to help private firms expand abroad

Lender rolls out tailored services for nonpublic enterprises

BEIJING — Bank of China will step up financial support to bolster high-quality development of private enterprises and facilitate their overseas expansion, as the private sector serves as a key engine driving China's economic development.

The lender has unveiled 20 targeted measures to support the high-quality development and global expansion of private enterprises, focusing on the inclusiveness, professionalism and innovation of financial services tailored to private businesses and providing efficient digital solutions.

BOC's move comes after China's central leadership called for concerted efforts to resolve the challenges and costly financing faced by private enterprises at a recent symposium on promoting the healthy and high-quality development of the private economy.