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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China ups financial support to small firms AFP - Sunday, December 7 BEIJING (AFP) - - China is to set up institutions dedicated to providing better loan access for small enterprises, which are suffering the most from the global financial crisis, state media reported Saturday. The move is intended to help avoid widespread bankruptcies and lay-offs, the official Xinhua news agency said, quoting the China Banking Regulatory Commission. Small and medium-sized enterprises in China -- labour-intensive and very vulnerable to fluctuations in domestic and external demand -- have been particularly badly hit by the global financial crisis. In the first half of the year, 67,000 such firms shut down and laid off millions of employees, Xinhua said, citing the National Development and Reform Commission. The figure did not include smaller companies with sales of less than 5 million yuan (730,000 dollars), the news agency reported. China's Communist Party, long been obsessed with social stability, has faced a series of high-profile protests over job losses staged recently amid concern over the country's slowing economy. The commission said the institutions would be established by commercial banks as quasi-corporate bodies or subsidiaries that would be run independently, Xinhua said. The institutions were expected to have a system for the provision of bad loans that was separate from their parent banks. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Sarkozy defies China with Dalai Lama talksReuters - Sunday, December 7 Pakistan central bank says growth to slowAFP - Sunday, December 7 China ups financial support to small firmsAFP - Sunday, December 7 India central bank slashes key interest ratesAFP - Sunday, December 7 Related Articles: Business Idled workers occupy Chicago factory for severanceAP - 1 hour 57 minutes ago WRAPUP 2-US auto bailout talks center on conditions for aidReuters - Sunday, December 7 Houston's KBR wins Angolan oil refinery dealAP - Sunday, December 7 Report: German Dax, NYSE considering fusionAP - Sunday, December 7 Sarkozy defies China with Dalai Lama talksReuters - Sunday, December 7 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Diamond thieves pull off 100-million-dollar Paris heist Do not disturb eggs: MP reveals Britain's oddest laws Girl, 8, among 17 dead in Manila shoot-out: police Oil price falls below $40 Cruise ship runs aground in Antarctica View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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