Ningbo rolls out new financial policy to boost real economy

Ningbo is set to increase its financial support for the development of its real economy, according to a new financial policy jointly released by the CPC Ningbo Municipal Committee and the municipal government of Ningbo recently. 

The policy consists of 23 concrete measures in credit and loans, product innovation, insurance, capital market and taxation, as a guideline for the financial institutions to better serve the city's real economy. 

Considering the leading role of manufacturing and the private sector in the city's economy, the new policy emphasizes large input in the two fields to ensure that the loans to manufacturing will grow at an average annual rate of 10 percent, and the loans to newly-established private companies will account for no less than 50 percent of the loans to all the city's new companies by 2021.

Small and micro businesses are also included in the support list, as financial institutions are encouraged to increase loans to these businesses, and government sponsored property insurance is expected to be promoted in the city to increase the insurance coverage of these businesses to more than 50 percent.

In addition, the policy demands that a special fund worth 10 billion yuan ($1.44 billion) be jointly established by State-owned capital and social capital for the steady development of listed companies.