UNITED STATES (VOP TODAY NEWS) — Zhou Liang, deputy chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said that regulators generally encourage long-term investments by insurance companies in the stock markets.
Since the end of last year, regulators have been exploring the possibility of introducing more detailed regulatory rules for the investment of insurance funds in the stock market to support the overall development of China’s financial industry, Zhou told the Securities Times.
According to him, the financial sector of the country has experienced rapid growth over the past few years, but this growth is of “low quality” and problematic.
For “high-quality development,” the industry must first put more effort into serving the real economy. In addition, it is required to deepen the reform on the supply side in the sector.
The financial industry should also increase financial support for small and micro enterprises. Although lending to small and micro enterprises increased by 21% year on year in 2018, financing needs of firms are still not met.
The Chinese authorities are seeking to support private and small companies to stimulate economic growth.
PRC State Council Premier Li Keqiang said at the opening of the session of the All-China People’s Assembly on March 5 that Beijing this year will take measures to increase bank lending to private and small firms by 30%.
This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.
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