The People's Bank of China (PBOC) met with lenders and private businesses, pledging to improve access to funding to boost economic growth amidst a weakening property market, deflation pressure, a slump in exports, and subdued consumer spending. Governor Pan Gongsheng promised increased financial resources for private firms and smoother access to funding via bonds, equities, and loans. Financial institutions will set annual goals for serving private companies, carrying more weight in performance reviews. The move follows a Communist Party and government pledge to improve the business environment. However, the measures are considered “piecemeal” by some experts, who note the inability of the post-pandemic reopening to instill renewed confidence in the private sector. The PBOC has completed drafting the policy, which will be published after further consultation with relevant departments.
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