The People's Bank of China. Photo: iStock
The People's Bank of China. Photo: iStock

Commercial banks are being urged to adapt to the country’s strategic needs of economic restructuring and growth transformation, to better serve private companies and small and micro enterprises, said Pan Gongsheng, deputy governor of The People’s Bank of China, reported.

Pan put forward three requirements for commercial banks to enhance the ability to serve the real economy, during a meeting with the latter.

First, city commercial banks should treat private companies equally with state-owned enterprises.

Second, it is necessary to improve the capacity of serving private and small companies in terms of arranging credit sources, improving credit approval and performance assessment systems.

Third, banks should make good use of information technology to keep up with the financial needs of private and small companies, and innovate in terms of collateral.