China’s banks must innovate to help small businesses weather ‘complex and severe’ economic environment
- People’s Bank of China governor Yi Gang has called on banks to help small businesses weather the severe economic environment through fintech innovation
- Premier Li Keqiang said in a visit to Chongqing that China’s economy can grow this year if the nation achieves its target of adding 9 million jobs
People’s Bank of China governor Yi Gang has urged banks to support smaller companies through innovations in financial services and products to help nurse them through the “complex and severe” economic situation facing the country.
Yi told a seminar in the eastern city of Hefei on Friday that banks should adapt financial services and products, increase investment in fintech research and technology and integrate on-site and online financial services, according to a statement posted on the central bank’s website Sunday.
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Premier Li Keqiang said in a visit to the western city of Chongqing that China’s economy can grow this year if the nation achieves its target of adding 9 million jobs.
Li called on the nation to step up its efforts and prepare for uncertainties after the economy achieved positive results in recent months, according to a statement posted on the central government website on Sunday.
The nation will provide help to the tourism industry and others in the services sector to help resume operations and consolidate the economic rebound, Li said when visiting retailers in Chongqing.