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“Private banks will become a financing source for small and medium-sized enterprises (SMEs),” said Ma Guangyuan, deputy to the 12th Beijing Municipal Committee of the Chinese People’s Political Consultative Conference (CPPCC) and director of the Private Economy Research Center under Renmin University.
Village or town banks will become the main providers of funds for SMEs, which have long suffered from a shortage of funds due to insufficient money lenders.
The gap between financing in China compared to the US and Japan will narrow.
China should give the same rights, opportunities and rules to the private economy as the public economy.
