China needs to develop a better system for financing small businesses that drive...
HANGZHOU, China - China needs to develop a better system for financing small businesses that drive innovation in the economy but currently struggle to access the funds they need for growth, a leading Chinese think-tank said in a report published Sunday.
China’s economic development over the past 40 years has taken place through a financial system that has high government intervention and is “absolutely dominated by banks”, the China Finance 40 Forum said in an annual report. China Finance 40 Forum is a think tank that focuses on economics and finance policy research and comprises members from regulators, universities and financial institutions.
Policymakers need to develop a multi-layered financing structure and reduce control over capital markets to open funding channels for innovative firms, Huang said.
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