CPPCC member calls for banks to do more to support the private sector

Better guidance and more diverse services from financial institutions are needed to promote access to affordable financing for China's private economy, according to a participant in the ongoing Two Sessions meetings in Beijing.

Ye Qing, a member of the 13th Chinese People's Political Consultative Conference (CPPCC), at a press conference on Wednesday, March 6, 2019. [Photo: Xinhua]

Ye Qing, the vice chairman of All-China Federation of Industry and Commerce, made the call to the country's banking sector at a press conference on Wednesday for the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body.

He suggested that financial institutions expand the range of products on offer and make long-term financing available for the private sector. He called for better financial support to help the private sector to tackle potential challenges and risks, and that banks should offer more guidance and education to small and medium-sized enterprises in a bid to help customers access affordable financing.

Ye also recommended that China's state-owned banks adapt the products they offer in accordance with the conditions in different parts of the country.