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BEIJING, July 1 (Xinhua) -- China will focus on improving financial
services to micro, small and medium-sized enterprises in an effort to
ensure their sound development, according to a State Council executive
meeting on Wednesday. The meeting, presided over by Chinese Premier Li Keqiang, said that
special local government bonds will be allowed to appropriately support
small and medium-sized banks in replenishing capital. Local governments were urged to give priority to supporting small and
medium-sized banks that are capable of sustainable market-based
operations, thus enhancing their ability to support micro, small and
medium-sized enterprises financially, according to the meeting. In addition, local governments should supervise improvements to the
banks' internal control mechanisms and strengthen oversight when
utilizing special local government bonds. A draft regulation on ensuring that outstanding payments are made
reliably to small and medium-sized enterprises (SMEs) was adopted at the
meeting, as the country steps up efforts to help the SMEs tide over the
current crisis to ensure stable economic fundamentals. The regulation introduced new guarantees for SMEs to ensure they are
paid in full by government agencies, public institutions and large
enterprises, including limits on payment times, information disclosure
on overdue payments, and punishment for defaults. The meeting also unveiled new measures to boost the development of
national high-tech industrial development zones. Pilot policies
implemented in pilot free trade zones will be adopted and promoted in
the high-tech zones. Restrictions on visa and residence permits will be eased for overseas
talent, and greater opening-up and cooperation are pledged to help the
high-tech zones better integrate into international industrial and
supply chains. Enditem
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