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        QINGDAO TODAY
        在线翻译:
        szdaily -> Business -> 
        Central bank pledges more policy support
            2019-03-12  08:53    Shenzhen Daily

        THE central bank pledged Sunday to further support the slowing economy by spurring loans and lowering borrowing costs, following data that showed a sharp drop in February’s bank lending due to seasonal factors.

        The central bank is widely expected to ease monetary policy further this year to encourage lending especially to small and private firms vital for growth and job creation.

        People’s Bank of China Governor Yi Gang said lending rates for small firms are still relatively elevated due to higher risk premiums and the central bank will forge ahead with reforms to lower such risk premiums.

        High risk premiums on loans to small firms reflect commercial banks’ traditional reluctance to extend credit to the sector because of concerns about their creditworthiness.

        The country’s banking and insurance regulator issued a notice over the weekend to commercial banks to boost financial support for the rural areas.

        The China Banking and Insurance Regulatory Commission told commercial banks to fulfill special lending targets, including those for achieving faster increases in loans to farmers and other businesses in rural areas. The notice did not refer to specific targets.

        Outstanding loans to rural areas totaled 33 trillion yuan (US$4.78 trillion) at the end of 2018, up 5.6 percent from a year ago, it said.

        China has also been looking to develop new industries like eco-tourism as well as encouraging the planting of cash crops in poor rural regions.

        Central bank data Sunday showed new bank loans in China fell sharply in February from a record the previous month.

        Yi said combined January-February new loans and total social financing could paint a more accurate picture as they showed a rise of 374.8 billion yuan and 1.05 trillion yuan from a year earlier, respectively.(SD-Agencies)

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