December 24, 2018 / 11:38 AM / a year ago

China to step up support for small and private firms: cabinet

BEIJING (Reuters) - China will improve inclusive financing and policy on targeted reserve requirement cuts for small and private companies, state television quoted the cabinet as saying in a meeting on Monday.

The cabinet called for “increased support for private and small enterprises to help enhance their vitality and development confidence”.

The government will support asset management products and insurance funds to resolve risks from pledged shares for listed private companies, the cabinet said.

The government will also accelerate approval for private companies to list stocks and refinance, it added.

The government will abolish permits for opening bank accounts by small firms and abolish restrictions on capital and equity holdings for private firms when they invest in resources development, transport and urban projects.

The cabinet reaffirmed a pledge to treat all types of companies equally based on the principle of “competitive neutrality”.

The government has been providing support for small firms and private enterprises, which are vital for economic growth and employment as headwinds stiffen due to trade friction with the United States.

Reporting by Kevin Yao and Beijing Monitoring Desk; editing by Darren Schuettler

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