China to step up bank reserve ratio cuts to help small firms GlobeBusiness
In a detailed policy document published on the central government’s website late on Sunday, the State Council said China will also accelerate initial public offerings for small and medium-sized enterprises .Financing channels for SMEs will be further expanded to help lower their funding costs via preferential monetary policies and easier access to capital markets, the document said.
China will also focus on supporting rediscounting of small bills -- worth 5 million yuan or less -- as a way of helping small firms secure financing. In addition, bank loans to SMEs with credit lines of 10 million yuan or less will be eligible for use as collateral against the central bank’s medium-term lending facilities.
Accelerated approvals for IPOs by smaller firms will help to encourage direct financing and such companies will be encouraged to list on the main over-the-counter equity board. In debt financing, China will promote high-yield bond market and private debt placements, and provide more tools, such as to help mitigate credit risks, to help SMEs raise capital and ease liquidity pressures.
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