China's one hundred yuan. Photo: iStock
China's digital currency is taking shape. Photo: iStock

The Fujian provincial government has set up a 15 billion yuan (US$2.16 billion) bailout fund to rescue promising private enterprises with “shares pledge” risks, reported. The first phase of the bailout fund will be 2 billion yuan.

Meanwhile, the government also planned to establish a special debt fund of 2 billion yuan for bailouts, starting with a first phase of 1 billion yuan.

The government also pledged to broaden direct financing channels for private enterprise, vigorously develop equity financing, accelerate the establishment of SME development funds and encourage various industrial investment funds and private equity funds to invest in high-quality private enterprises.

In 2017, the province’s added value by private economy reached 2.17 trillion yuan, accounting for 67.2% of the province’s GDP. While private investment recorded 1.57 trillion yuan, accounting for 60.2% of its total social investment.