October 30, 2018 / 7:21 AM / 18 days ago

China reiterates will reduce banks' reliance on collateral for smaller firms' loans

BEIJING, Oct 30 (Reuters) - China reiterated it will reduce banks’ reliance on collateral for loans to smaller companies to boost credit support for those businesses, official from the country’s banking and insurance regulator said on Tuesday.

Wang Zhaoxing, vice chairman to the China Banking and Insurance Regulatory Commission, told a press conference that the regulator has instructed banks not to recall loans to large firms facing temporary difficulties and stiff competition.

Reporting by Beijing Monitoring Desk Editing by Shri Navaratnam

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