The central bank: will continue to play a good role in stimulating and guiding monetary credit policies, constantly improving the ability and effectiveness of financial services for private enterprises.

Xie Guangqi, director of the Monetary Policy Department of the People's Bank of China, stated at a press conference at the State Council Information Office on January 15 that supporting the development of the private economy has always been the consistent policy of the Party Central Committee. The "Fifteenth Five-Year Plan" proposal also suggests the development and strengthening of the private economy. The private economy is an important force driving innovation, promoting employment, and improving people's livelihoods. It is necessary to adhere to the principle of "two unwavering" and fully implement the Party Central Committee's guidelines and policies to promote the development of the private economy. In recent years, the People's Bank of China has consistently strengthened financial support for private enterprises. The financing scale of private enterprises has steadily expanded, financing efficiency has significantly improved, and financing costs have steadily decreased. Firstly, it actively creates a favorable policy environment by implementing the 25 measures to support the financial system for the private sector, reducing interest rates and increasing quotas for loans to support agriculture and small businesses. Secondly, it continuously enhances the capacity of financial services for private enterprises, guiding financial institutions to provide differentiated arrangements for loans to small and micro private enterprises in terms of internal fund transfers pricing, due diligence, and performance assessment. Thirdly, it increases private enterprises' financing experience through various channels, providing a "fast track" for private enterprises to issue debt financing instruments, supporting them in conducting supply chain finance, etc. It is also important to note that currently, the financing capabilities of large private enterprises are relatively strong, and there are also many financing support policies for small and micro private enterprises. However, the financing accessibility for medium-sized private enterprises is relatively weak. Therefore, the People's Bank of China has decided to establish a 1 trillion yuan support fund for private enterprises to further increase financial support for small and medium-sized private enterprises. Considering that the support areas of loans to support agriculture and small businesses policies already cover private enterprises and have played a good incentive role, the private enterprise refinancing will be set under the loans to support agriculture and small businesses category. The refinancing of private enterprises will continue to support small and micro private enterprises and include medium-sized private enterprises in the support scope, encouraging and guiding local financial institutions to provide loans to private small and medium-sized enterprises. From the existing quotas for loans to support agriculture and small businesses, 500 billion yuan will be allocated, in addition to an additional 500 billion yuan, forming a total quota of 1 trillion yuan for private enterprise refinancing. The interest rates, terms, and other conditions for private enterprise refinancing will be consistent with those for loans to support agriculture and small businesses and will be managed separately. In the next step, the People's Bank of China will continue to play a good role in guiding monetary and credit policies, continuously improve the capacity and effectiveness of financial services for private enterprises, accelerate the implementation of measures to support private enterprise refinancing, and promote financial institutions to further optimize internal policy arrangements, establish a long-term mechanism for lending to private small and medium-sized enterprises, improve the credit enhancement system for private small and medium-sized enterprises, and strengthen policy coordination with finance, industry, and other sectors to jointly create a more favorable environment for the development of private enterprises.