THE People’s Bank of China met with lenders and private businesses Wednesday, pledging to improve their access to funding in an effort to boost economic growth.

Governor Pan Gongsheng called on financial companies to better support private firms and promised to increase financial resources to them, according to a statement from the central bank Thursday.

Domestic media reported on the meeting Wednesday, saying central bank leaders and officials from other financial watchdogs met with representatives from more than 10 banks as well as private companies, including property developers and manufacturers. The central bank is drafting policies to give private firms better access to funding, the media reports said.

Officials have pledged to improve the business environment and encourage private firms to invest more.

The measures announced so far have been targeted toward specific sectors, like property finance and the stock market, and have fallen short of the monetary and fiscal stimulus unleashed during previous downturns.

The latest steps by the central bank are more “piecemeal” measures, said Tommy Xie, an economist at Oversea-Chinese Banking Corp.

Wednesday’s meeting was the second time this month that the central bank has held talks with private companies and banks as it follows up on a pledge by the government last month to improve the business environment.

The Securities Times quoted Ma Jianyang, a deputy head of the central bank’s financial market department, as saying authorities will make it a “clear goal” as they draft the policies that the share of loans to private firms in total lending should continue to rise.

Financial institutions will be required to set annual goals for serving private companies, which will carry more weight in the review of their performance, Ma said, according to the newspaper.

Among the regulators at the meeting were the National Administration of Financial Regulation, the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange, according to the central bank statement.

Pan said at the meeting that authorities will ensure private firms have smooth access to funding via sales of bonds, equities and loans, according to the statement.

He urged financial institutions to “provide high-quality financial support for private firms, continue increasing the supply of financial resources, and treat enterprises of all types of ownership in a fair and just manner.”

A program to support the sector’s bond financing will be expanded and institutional investors will be encouraged and guided to buy more debt sold by private companies, he said.

Wang Jianjun, a vice CSRC chairman, also said at the meeting that the CSRC will support qualified private firms to go public and carry out equity refinancing, and optimize a review and approving mechanism for acquisition and restructuring.

Brokerages will be encouraged to participate in private firm equity financing support programs and expand companies’ funding access through private equity plans, he said. Equity and bond financing tools will be used to help privately-owned developers resolve risks, he added. (SD-Agencies)