Local financial regulators channel resources to bolster economy

BEIJING - Local financial regulators across China have rolled out multiple policies in recent months to promote high-quality economic and social development.

China's financial hub of Shanghai is working to raise its balance of inclusive loans for small and micro companies to more than 1.3 trillion yuan (about $183 billion) by the end of 2024, and the growth rate of these loans will be higher than the rates of all other loans, according to a circular released on Sunday by the Shanghai office of the National Financial Regulatory Administration (NFRA).

In 2024, efforts will be made to achieve full financial services coverage for key industrial chains in Shanghai, with specific goals including serving over 25,000 small and micro enterprises, the circular said.

In Tianjin Municipality, financial services will be improved to support employers, the jobs market, new urban residents, and key areas such as spending on big-ticket items and services, according to the Tianjin NFRA office.

The financial regulator in East China's Fujian province is focused on providing financial support for green development, releasing guidelines to establish and improve a green and inclusive finance development system.

And the eastern province of Anhui has said it will boost rural revitalization with financial support, pledging to keep the balance of agricultural loans growing by the end of 2027.