Major steps set to boost private firms

Sector's role in leading innovation becoming increasingly significant

China is expected to take significant and coordinated steps to facilitate the financing of private businesses as their role in innovation becomes increasingly significant, signaled by the latest symposium between top financial regulators and private enterprises, policy observers and executives said.

Apart from extending loan support to the private sector, they also stressed the urgency of encouraging government-backed funds to invest in innovation-oriented privately owned startups, making financing via the stock and bond markets more accessible, and expediting the development of supply chain finance.

They made the comments as the People's Bank of China, the country's central bank, together with other top regulators, convened a symposium on Friday to discuss measures for boosting private enterprises' high-quality development and vowing to help the private sector "grow stronger, better and bigger".