Central bank pledges support for real estate

The People's Bank of China, the country's central bank, has called for efforts to satisfy the reasonable financing needs of private real estate companies on Thursday, as part of its "all-out efforts" to boost the private economy.

Saying that the central bank has made "all-out efforts" to help the private economy grow bigger, better and stronger in recent years, Pan Gongsheng, governor of the PBOC, pledged further efforts to guide more financial resources towards the private economy by strengthening the coordination of financial, fiscal and industrial policies.

The PBOC will introduce a guidance regarding financial support for private enterprises, help local governments address overdue payments to businesses and expand the use of an instrument to support bond financing of private enterprises, Pan said while addressing a symposium with private enterprises.

Aimed at listening to suggestions to develop more measures to support private enterprises, the symposium was attended by PBOC officials and heads of financial institutions, the National Association of Financial Market Institutional Investors and private companies, including real estate developer Longfor Group.