China to maintain credit support for real economy

BEIJING - China will maintain credit support for the real economy and step up financial support for the development of the domestic supply and demand system, according to the country's central bank and its banking and insurance regulator on Tuesday.

China will ensure proper financial services for infrastructure, small and micro enterprises, and other key spheres. It will also ensure that the real estate financing runs smoothly and in an orderly fashion to prompt an overall economic upturn, according to a meeting jointly held by the People's Bank of China and the China Banking and Insurance Regulatory Commission.

The two authorities urged major banks to front-load loans moderately, optimize their credit structure, and precisely underpin the key areas and weak links in national economic and social development.

Favorable policies such as inclusive loans for micro and small businesses should be thoroughly leveraged to meet the reasonable capital demand of companies related to the production and supply of medical resources, the two authorities said.

While reiterating the principle that "housing is for living in, not for speculation", they also pledged comprehensive measures to boost the operating and financing cash flows of high-quality property developers, and efforts to improve their balance sheets.