July 18, 2018 / 12:54 PM / 9 months ago

China regulator asks banks to lower financing costs for small enterprises

BEIJING (Reuters) - China banking and insurance regulator has asked banks to actively lower the financing costs and improve funding services for small businesses and private firms, as part of wider efforts to reduce risks in its financial sector.

The China Banking and Insurance Regulatory Commission also requested bigger Chinese banks should also take the lead to boost lending to these smaller enterprises, it said in a statement posted on its website on Wednesday.

The Chinese government has embarked on a deleveraging campaign to crack down on financial risks and economic uncertainty triggered by a trade war with the United States that economists have cautioned could slow China’s economic growth.

Reporting by Zhang Min and Zhang Shu in Beijing, Lee Chyen Yee in Singapore, editing by Louise Heavens

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