Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

China seeks to promote development of private businesses with more loans

Published 10/25/2022, 06:33 AM
Updated 10/25/2022, 06:35 AM
© Reuters. FILE PHOTO: Chinese national flags fly in a street as the 20th National Congress of the Communist Party of China continues in Beijing, October 20, 2022. REUTERS/Thomas Peter

BEIJING (Reuters) - China's cabinet issued rules on Tuesday to promote private businesses, including incentives for financial institutions to lend to them, in its latest move to support an economy facing multiple headwinds.

The rules aim to safeguard the legitimate rights and interests of private businesses and expand employment, China's cabinet said in a notice published on its website.

"Private businessmen are important market players, playing an important role in booming the economy and increasing employment."

© Reuters. FILE PHOTO: Chinese national flags fly in a street as the 20th National Congress of the Communist Party of China continues in Beijing, October 20, 2022. REUTERS/Thomas Peter

The Tuesday rules also banned abusive charges to the self-employed.

The world's second-biggest economy is grappling with the economic impact of persistent COVID-19 curbs, a prolonged property slump and global recession risks with falling domestic demand and high unemployment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.