The People's Bank of China held a party committee meeting chaired by Governor Pan Gongsheng to study President Xi Jinping’s remarks at a symposium on private enterprises and to set out implementation measures. The central bank system was directed to step up financial support for the private sector, including by improving access to equity, bond and loan financing and addressing private firms’ financing constraints and costs. Priorities include implementing a moderately loose monetary policy, advancing the ‘five major areas’ of financial work, and using structural monetary policy tools to provide both aggregate and targeted support, including for technological innovation and consumption. Measures also cover using the stock repurchase and shareholding increase relending facility to support stable capital market functioning, implementing the ‘25 measures’ for financial support to the private economy, expanding private enterprise bond financing and risk-sharing, and supporting issuance of instruments such as technology innovation bonds, green bonds and asset-backed securities. The plan further calls for improving credit enhancement arrangements for private small and medium-sized enterprises, strengthening supply chain finance services for private firms, establishing regular bank–enterprise communication, and using the national MSME funds-flow credit information sharing platform to improve financing efficiency.

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