Dec. 29 (Bloomberg) -- China Guangfa Bank Co. will apply to sell about 30 billion yuan ($4.8 billion) of bonds next year to offer financing to small companies as the government seeks to aid entrepreneurs.
China Guangfa will use the proceeds for loans to small- and micro-enterprises, the Guangzhou-based lender said in an e- mailed statement today.
The government’s “fine tuning” of economic policy includes adjustments to areas lacking financial support such as small and medium-sized enterprises, Xia Bin, a central bank adviser and researcher at the State Council’s Development Research Center, said in Beijing Nov. 30. Officials have also pledged to set up a fund to support smaller companies and improve their prospects for growth.
China Minsheng Banking Corp. won approval to sell as much as 50 billion yuan of bonds to support lending for small businesses, the country’s first non-state lender said in a filing to the Hong Kong stock exchange on Nov. 8. Industrial Bank Co. sold 30 billion yuan of bonds on Dec. 26 and Dec. 28 to fund loans to small enterprises, according to filings to the Shanghai stock exchange.
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