On April 28, Guangdong unveiled its latest plan of actions for extending its provision of financial bailout to enterprises impacted by the pandemic and stabilizing economic growth within the province.
According to this plan, Guangdong will enhance its provision of financial services for the real economy, attempting to increase the amount of new credit and social financing in 2022 by, respectively, 2.7 trillion RMB and 3.8 trillion RMB, surpassing that of 2021.
Read also: Guangdong witnessed stable economic growth in Q1 with GDP exceeding 2.85 trillion RMB
The government will also endeavor to ensure that the amount of capital market financing surpasses 1 trillion RMB this year. The most recent goal is to make sure the credit growth and deposit growth within the second quarter are higher than 12.1 percent and 9 percent respectively.
Offering various sorts of loans to meet business of all kinds and scales, Guangdong strives to help corporations with good credit and promising development prospects that have been impacted by the pandemic to overcome obstacles.
In addition, by optimizing its structure of investment and finance, the province is planning to have 100 new domestically listed companies and listed overseas companies within the province by the end of 2022.
Read also: Guangdong unveils 32 measures for steady growth of industrial economy in 2022
In terms of foreign trade, the plan proposes to guarantee a stable development by taking measures in five different fields:
1) Improving the ability of finance services to service foreign trade and investment;
2) Enhancing support for export credit insurance;
3) Improving foreign trade enterprise’s capability of exchange rate hedging;
4) Increasing financing support for cross-border e-commerce;
5) Promoting the development of bulk commodity trade with the linkage of futures and spot.
Author: Eastbrook
